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What is the current situation in the finances of Anorthosis

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What is the current situation in the finances of Anorthosis

The member of the board of directors of the company and financial advisor of “Kyria”, Theodoros Theodoulou, was invited to the Anorthosis show “ANOla sti Fora” on Cablenet on Tuesday night (9/11).

Among other things, of course, he was asked about the company's finances, analyzing the current situation in the fund of the blue and whites and talking about the debt and the income from Europe.

Read what he said on the subject…

What is the current financial situation? “The years were really difficult, I have lived the financial life since 2014 with the founding of the company. I typically remember when I took the criteria we had over 20-25 cases in FIFA-UEFA for appeals. Today it is much better, an important organization has entered this part. The last 1.5 years have been difficult for us and the effects of the pandemic, we have had losses in revenue from television, tickets, sponsors, but the administration has taken the necessary measures for proper management. It is a great success, both for us and for the other groups, that we have come in contact with those responsible for our biggest debt, that to the state. We came to an important arrangement. We have managed to repay with a 180 installment arrangement. It gives us significant breath. There is of course a cash commitment of 25,000 euros per month. Debts to players no longer exist, so we successfully faced the two important obstacles “.

For the debt that must be covered: “The biggest is the one to the regulated state. There are no other serious openings that threaten the viability of the team. Anorthosis fans to be satisfied “.

Regarding the financial losses from the two games with Flora: “Yes, we had ambitions for revenue from these games. It was not as we expected. But joining the groups helped us unimaginably, without saying that the problems have been solved. Extra wins and money are welcome, but the management has taken action and knows where it stands.

On whether there is a plan on how to use Europe's money: “Of course, the plan starts in May when the season ends, we present the needs, various scenarios are made financially whether the team is in the groups or not, we know, we know the needs. “Europe has helped unimaginably the financial part but the problems have not been solved, we continue the management to be okay with our obligations”.

For Financial Fair Play: “It is a regulatory compliance that all clubs must follow. Compliance with some economic indicators. Everyone must show that they are right in all obligations, whether to the players, to other teams, or to the state. I think that the inclusion of the FFP in football was very important because it puts an extra check on the proper financial management of clubs and prevents them from financial disasters. This compliance is done at regular intervals. The KOP, which offered incredible support to the unions in the field of education and needs, has also helped incredibly. I thank Mr. Nick Nikolaou who is always by our side and in all the unions to help. As far as Anorthosis is concerned, I consider that it treats it as a matter of life and death. When I took over as external auditor we had serious cases. In case the team can not cope, it has consequences, either a transfer embargo, or deduction of points, or a ban on participation in Europe. So you have to comply. It is also very important and puts a lot of pressure on the part of the FFP that concerns the break even, an important indicator that puts pressure on the teams to have balanced budgets or when an excess is made to prove that the money will be covered by specific resources. “All of this is in a context that guides and conforms us.”

Source: gipedo.politis.com.cy

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