1. FC Köln announces loss of millions due to Corona – state guarantee applied for

1. FC Köln also tore a big hole in the pockets of the first season under corona conditions. On Wednesday, the club announced the balance sheet for the 2019/2020 financial year: With sales of 122.5 million euros, the annual result after taxes shows a minus of 23.8 million euros (previous year: +1.1 million).

Equity had risen continuously in the years before to 38.6 million euros, in the past season it now fell to 14.8 million. The Cologne-based company is also expecting up to 50 million sales losses in the current season.

Against this background, the club has now also applied for a state guarantee of 20 million euros from the state of North Rhine-Westphalia. The Handelsblatt reported on Wednesday, according to SID information, this message is correct. Schalke 04 and Werder Bremen had already made use of this option, and VfB Stuttgart is taking a similar path with a KfW loan.

In March 2020, the pandemic also hit the Bundesliga, causing a longer break and then games without spectators. This has “clearly attacked the economic substance of the club,” said FC CFO Alexander Wehrle: The corona-related revenue losses alone were 13 million euros by the summer of 2020.

Since the newcomer had already taken the risk with the transfers before the start of the season in view of the positive equity and then replaced coach Achim Beierlorzer with Markus Gisdol during the season, the end result was a minus of 23.8 million.

1. FC Köln: Salary waiver until summer

If the forecast for the current season is correct, Corona will have brought the club a minus of 63 million euros. The players and management will forego part of their salary until the summer.

“Our goal is to have positive equity at the end of this season too,” said Wehrle. This is to be achieved, among other things, by issuing profit participation rights to various donors.

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