Pamplona (Friday, October 27, 2023) - Osasuna closed the 2022-2023 season with a €5.1 million loss after taxes. The losses correspond, fundamentally, to the use of CVC funds in the preparation of the roster. Osasuna will receive 52 million from LaLiga for the agreement with CVC, of which only 7.8 million can be allocated to the sports side. Osasuna used more than 6 million last season to build its squad after a decrease in television revenues of 1.2 million and an increase in spending on eligible sports personnel of 7.5 million euros. This higher expenditure is also heavily conditioned by the extraordinary sporting season and its corresponding rewards.

These losses are compensated with funds from the agreement with CVC, so they do not impact the club's cash flow or make it necessary to resort to additional financing. However, they are charged to the 40-year loan within the 52 million CVC already known.

Likewise, the accounts are negatively impacted by the write-offs of Marc Cardona and Rober Ibáñez for an amount of -1.05 million euros. This amount is an accounting loss but does not represent any disbursement for the club, as their signings have already been fully paid. When a club signs a player, it has to divide the cost for accounting purposes over the years for which the player signs (amortizations). If that player, as in the case of Marc Cardona and Rober Ibáñez, leaves before the end of his contract, it is obligatory to write off the outstanding amortizations in the accounts. In the case of these two players, the amount remaining for accounting purposes was 1.05 million euros, which must be recognized as a loss in the accounts.

Net debt stands at 61.6 million euros

As for the net debt, in June 2023, it was 61,611,130.68 euros, one million euros above the figure in December 2022, which placed it at 60.6 million euros. Even though the figure is similar, there is a significant movement in the debt that should be explained. Bank debt has been reduced by more than 25% in the last year, and over the next two seasons, the impact will be even more significant. The accounts on June 30, 2023, do not reflect the cancellation of the loan for the signing of Ante Budimir (3 million in July 2023), the cancellation of a credit line of 2.5, nor the forthcoming cancellation of the loan for the renovation of the stadium (2.2 million in May 2024).

The club is assuming, under the CVC loan, part of the bank debts it already had and generating new debt to undertake new investments (repurchase of part of Tajonar, investment in sports and non-sports staff, new technological tools, etc).

In short, Osasuna is currently in a transition period that will result in a significant reduction of its bank debt until it reaches a scenario in which the LaLiga (CVC) loan of 52 million for 40 years, some lines of credit for ordinary operations, and little else remains.

Budget 2023-2024

As for the budget for next season, Osasuna will present at the Assembly on November 11 a revenue of almost 76 million euros, a record figure in the club's history, and expenses of over 79 million. This means that the entity expects a loss of 3.1 million at the end of the current season.

The main reason is that the club has maintained spending on players compared to last season by using its remaining CVC resources (around 1.2 million) with the expectation of reaching the Conference League group stage. The elimination of the team in the qualifying round will result in a reduction in revenues, which will cause an estimated loss of 3.1 million.

Today, the club has sent the financial documentation to the members so that they can analyze it in time for the Assembly to be held on November 11. In any case, the club has made available to all its fans through its website the Annual Report for the 2022-2023 season, the Audit as of June 30, 2023, and the Economic Report, which contains a more understandable summary of the club's economic situation.

The club will also receive members interested in receiving clarification of the accounts on Thursday, November 2, at 5:30 p.m. and Friday, November 3, at 12:30 p.m. Interested members should send an e-mail to socios@osasuna.es advising of their attendance at either. If necessary, the days for attending to members will be extended.