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Evergrande FC reportedly have huge revenue loss

By Ecns.cn, editing by Yutang Sports Friday, 03 Jul 2015 14:30

The Guangzhou Evergrande Taobao Football Club has been losing money for some years, according to filings made public on Wednesday. 

Evergrande FC, four-time champion of the Chinese Super League which recently signed Brazilian World Cup winning coach Luiz Felipe Scolari, filed with the National Equities Exchange and Quotations to list on the New Third Board.

Despite the club's stellar record since it was promoted to the top tier of Chinese soccer in 2010, filings show that the Guangzhou club has been losing money for a number of years.

The club registered losses of 576 million yuan ($92 million) in 2013, and then 482 million yuan in 2014, when its sales revenue beat all other Chinese clubs.

"Under the current soccer environment in China, in which a growing number of clubs are investing huge money into buying international players and hiring coaches, Chinese clubs have still not developed profit capability," said Xie Liang, a senior soccer commentator with Radio Guangdong.

The Guangzhou club has lost another 265 million yuan in the first five months of the year, due to higher operational cost, according to the filings.

In recent times, Evergrande spent huge amounts introducing renowned international players and coaches.



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