Ghelamco CEO pumps an additional 10 million in AntwerpJuly 9, 2019
Antwerp owner Paul Gheysens puts 10.5 million euros in fresh money in the club. He also has a new sponsor on the shirt with gambling company Golden Palace.
The CEO of project developer Ghelamco and Antwerp owner Paul Gheysens continues to invest heavily in his football club. He is implementing a capital increase of 10.5 million euros. According to insiders, this brings his total investment in the club and stadium to "several tens of millions of euros". The money is used to settle the bills.
Antwerp is aiming for a break-even as a company – without Gheysens' input – by next season
The latest financial statement, up to June 2018, does not show a cheerful picture. RAFC nv is running a 4 million euro loss on a net turnover of 6 million. Against a debt of 16 million, the club places equity of 6 million. Those figures don't say much unless Gheysens is busy creating a business out of nothing.
That model starts to pay off. The annual recurring revenues from commercial operations – TV money, sponsorship, merchandising and stadium operation – have risen to more than € 20 million, according to the club. Antwerp is aiming for a break-even as a company – without Gheysens' input – by next season. The club will also be playing European football next season, which puts an extra leverage on its income.
Antwerp also has a new shirt sponsor with the gambling company Golden Palace. That comes under the back number, where last season competitor Star Casino stood. For the time being, the logo of Gheysens company Ghelamco will remain on the chest, but the club is still looking for a new main sponsor.
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