Era of bubble - Inter 2002

AC Milan bilancio 2011

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AC Siena summer 2011 deals (form bilancio 2011)

Extract of Parma FC SpA bilancio on 30 June 2011

The Problem of AC Milan

Financial fragility of AC Milan is not a news. However what the problem the club faced?

In my point of view, the size of the squad was one of the problems.

Right after the closure of 2010 summer transfer windows, Milan had the following players left on loan:

Ferdinando Coppola (worth 400,000 on 30 June 2010)

Marcus Diniz (worth 5,000,000 on 30 June 2009, estimate 4,000,000 on 30 June 2010)
David Di Gennaro (worth 2,500,000 on 30 June 2009, 1,666,667 on 30 June 2010)

3 players from Internazionale (worth 7,000,000 on 31 August 2010)

Assuming 5-year contract, that would be 2,980,000 in amortisation. However,  Di Gennaro was in 3-year contract, made the case worsen 333,333 .EURO.

Then in 2011-12 season. The arrive of Pele (exchanged with Sampirisi tagged for 2M), Chinellato 3.5M (exchange for Pasini) , the return of Zigoni, Paloschi, Oduamadi , Strasser and lastly El Shaarawy had made Milan invested more than 50 million on young players, again assuming 5-year contract, that would create 10 million amortisation on players not yet ready for the first team. Saving all the cost, 50 million already good enough to buy 2 to 3 players. However, the core of the case was Milan did not purchased the players from Genoa for real money except El Shaarawy and Paloschi, is that another side-effect of parallel trade (creative accounting)?

Extract of Brescia Calcio SpA bilancio on 30 June 2011 (financial report and accounts)

Plusvalenze: a case study

To run a business, you need money. If the company had a negative equity (liability great than total asset) and a continuous net loss, the company may be in the state of bankruptcy. Either the shareholder re-capitalized immediately, or the bank wait for the economic recovery.

In the case of Chelsea FC plc, the club had a negative equity for years but it just owe the owner money. And the Russian converted all the debt to equity in recent years, to make plc debt free (but not the holding company of the plc: Fordstem Ltd.)

What composite the asset of a football club? Usually it was the stadium (which only Juventus only owns its) and intangible asset (brand name, player contract) . In the past the Italian sold its own brand to its subsidiaries, which just means the club write a new "fair value" to its brand. However, the Italian banks accepted the new "market value" of the brand and borrow money to the club, and the club itself had to amortize the brand in years. The result? Roma, Milan had a positive equity as a separate company but a huge negative equity as a group. And Internazionale even did not had a consolidated accounts for the club and the company "Inter Brand"! It is because the repayment of debt was much slower than the "weathering" of the asset value of the brand! The only club had a positive equity as a group of these company was SS Lazio. The club sold its brand to subsidiary "SS Lazio Marketing & Communication S.p.A." and the club still had a positive equity of 10 million EURO. While Roma, also sold its brand to "Soccer S.A.S. di Brand Management s.r.l.", now had a negative equity of 43 million (2010-11 result)

No one wanted to liquidate the club, as the bank would got nothing but the "brand name". However it is a problem if the club had a negative equity for a long time. Would FIGC forced the owner to inject the right amount to save the club, or the bank write-down the debt? Roma was a special case as the whole Sensi Group was taken by the bank in return of just 30 million. Is that anymore club administrated by the bank in the future?

Another way to "save" the club was player-exchange. The asset value of a player was based on the acquire cost. Thus, Barcelona probably was always under-valued as they had one of the most successful youth system in the world. However, if Barca exchange star player with  Man.Utd. or Real Madrid, thus both clubs had a mutual benefit as both clubs now had a real market value on his youth product. That's nothing immoral, as the youth system did not produce star players in every position, and without exchange deal, the player probably sold to a third club for cash in order to buy a new player from the fourth. A little drawback of this method was, the transfer fee in the exchange deal despite did not involve cash, the deal may still had a value for both players, and the profit on selling the youth product (usually equal to the increase in total asset or the transfer fee), had to offset by the amortization cost in the next few years (consider it was the cost of weathering of the players) So it just borrowed the future money to "create" the selling profit.

So, that the relation of false accounting of Italian clubs and player exchange? In the past Italian club exchange youth product that did not became a professional in order to create enough asset for the routine check every year. FIGC fined the clubs but no charge for the adult players, as it is hard to prove the aim of valued the players price so high was evil. However, we saw Roma lost Bovo in this trick.

And the player exchange is back. As Serie A "small" clubs predicted they would probably get a increase in TV revenue by collective agreement (bad news for big club). Clubs were targeting to stay in Serie A as well as minimal re-capitalization, why not borrow the increased money to save the current season?

Let's have a look in Chievo account. On 30 June 2010, Chievo (AC ChievoVerona s.r.l.) had a positive equity of about 600,000 EURO. However, Mattia Minesso already worth 2 million. Who is he? Transfermarkt only estimated him below 300,000 EURO. (Despite transfermarkt did not had a real academic criteria to estimate the value). On that deal the book of Chievo also had a player "worth" 1 million: Daniele Rosania. And On 30 June 2011, despite the club had a net loss, it was counter-weight by a capital increase of 250,000 EURO, and the equity stood at about 600,000.

However, on the asset, which consist of about 20 million EURO of player asset. Which contains (we cannot got the full list as it was not attached to the financial report) Hetemaj (2.8M) Amedeo Benedetti (2M, recently returned from Vicenza), Alessandro Bassoli (3M, recently signed from Bologna), Filippo Tanaglia (1M, recently return from Ascoli), Andreolli (1M), Iunco (198,000), Amedeo Calliari (at most about 350,000, assume contracted until 2015 the max. length) Moreover, Chievo had a toxic asset of another half of Enrico Alfonso, which worth 1.9 million in accounting. Inter would be fool to buy the another half but it may pushed Chievo to bankruptcy .

Among, the player asset, only Hetemaj and Andreolli were in true accounting and market value, there other? Lack of Serie A and even Serie B debut, they may prove their value in the future or just another toxic asset just aimed to inflate the equity level to positive. For Iunco, his return to Chievo was an accident, but without the fool of Torino president, he only brought 20,000 EURO to Chievo. For Andreolli, despite he had a fair player history, without the help of Inter, his accounting value should be weathered down from 800,000 to 640,000 (assume 5-year deal) or even 533,333 (assume 3-year deal as reported). On the good side Roma forced to sell him in 2010 as he would became free agent in 2011, so 1 million may be his true market value if he preformed well. To sum up, if deducting Benedetti (2M), Bassoli (3M) and EURO 160,000 of Andreolli, Chievo already had a negative equity of 4.5 million.

Would FIGC and the department of justice of Italy (what's the exact name of the dept?) do something. Or do nothing but after the club bankrupted?

P.S. Coming up would be a little research on Parma, Genoa, Bologna and Milan account.

Genoa CFC, a football club or a factory?

Since promoted back to Serie A, Genoa always finished in mid-table except a single UEFA Europa League entry. The squad changed, from Rubinho to Amelia, Eduardo and Frey. Why the squad so unstable? Actually Genoa profited on Bonucci and Ranocchia before they made their club debut.

It is a nightmare to operate a club in Italy. Low gate income, discrimination of TV income, made a few Serie A club made a profit. Genoa was lucky: net loss of EUR 3,720,686 in 2006-07; a net profit of EUR 1,504,757 in 2007-08; from 1 July to 31 December 2008 a net loss of EUR 7,829,339 and 2009 a whole year of net profit EUR 598,212.

While the equity of the company was a negative of EUR 217,266; a positive of EUR 1,787,492, a negative of EUR2,541,847 and in 2009 a positive of 3,457,940. It means, Preziosi actually only need to re-capitalize a few million in order to keep the level merely above the water table.

Bonucci was a piece-weight of Motta and Milito deal. In that deal, Milito actually cost Genoa a few million (<10million), and Motta, a free agent. The result? 28 million and 10.2 million. Despite a cash-plus player deal, Genoa bought Bonucci for 3 million and re-sold half to Bari for  1.75 million, Genoa sold another half to Juventus for 8 million! 8+1.75 - 3, that's how Genoa operate. Genoa also successfully sold Bolzoni after a loan (0.4M for loan, and 1.05M for 50% registration rights= 1.45M, moreover Genoa had gain 0.2M from Frosinone for loan). Only Acquafresca, with a price tag of 9.5 million, became a flop. The case of Meggiorini still uncertain. A 5million price tag, sold half to Bari but Bari could not afford to buy another half, made his single season with the southern Italy side a 0.96 million loan. Genoa also bought him back from Bologna for the same price the club sold him to Bologna, yet another free loan. Torino recently bought half of the tag but Genoa could got nothing for the rest. Genoa was good at scouting and develop players. It knew when the players started to shine, the club could not afford their wage. And keeping them, did not mean a consistent result. Moreover, good result, Europe qualification, means bigger squad, bigger wage bill but imbalanced revenue grow. They aimed for Europe because it is the destination of the showroom, a winter sale. However Genoa also failed to keep the back bone to keep the result stable. Udinese, however, sold Quagliarella, Motta, Sanchez, Pepe, D'Agostino, Inler and Zapter without affecting the result.

Back to the numbers. In 2006-07 windfall profit on players was EUR 6,136,607 (that means, the revenue to sell  the player minus its un-amortize asset value) plus a loan income of 35,000. It almost offset the amortization of intangible asset (which most players contract, an way to reflect the transfer fee in installments)
of 8,459,065. Moreover a financial income of 7,288,833 from co-ownership that season (the excess fee what other clubs willing to buy the rest of the card or the discount other clubs gave to Genoa) The financial income exceed the write down of players rights of EUR1,518,007, the loan cost for the arrival  of 314,500 and the cost of sending players out for EUR402,000.

Much improvement in 2007-08 season, this time 21,782,405 player profit, Loan revenue was 975,000. amortization was 10,982,644, write down was 1,404,398, loan cost (to and from Genoa) was 794,000 and 939,746 respectively. Lastly a financial income of 400,000 but counter-weight by the cost of 401,990.

In the 6 months from 1 July 2008 to 31 December 2008, the numbers were EUR12,051,762, EUR348,046, amortization was 11,837,028, write down 242,041, loan cost 1,021,000 and 62,750. Lastly a financial income of 92,321.

In 2009 (calender year), which was huge. EUR42,184,032, EUR1,336,376, with amortization of EUR29,843,388, write down EUR4,671,413, loan cost 582,000 and 1,413,366; Financial income of 3,201,500, cost 1,901,000.

What's the use of these figure? It means Genoa generated income from players and exceed the buying cost! the audience paid the wage of the players and other clubs paid for the value-add/scouting service!

However the president was too mad on the football market of 2010, the introduction of UEFA Financial Fair Play made him only able to do dirty flopping youth player value and sell players to Russia. The last fool was Inter which bought Ranocchia for 19million and sell Destro for 4.5 million. Except a few Middle East idiot, FFP forced the club to make economic decision, and then a expected cool down in transfer market by UEFA. Unlike, Udinese, which they really bought South American in very cheap price, buying European as well as young Italian is more expensive, let's wait and see how Genoa is affected by the ice age of "mercato".

Edited on 6 August 2013
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Eventually in 2010 calender year Genoa had player selling profit of 38,880,710; loan revenue of 2,915,330, co-ownership income 7,050,000
 amortization 34,460,995 loan cost (to Genoa) 418,000 loan cost from Genoa 1,268,305, write-down of player 1,401,998 co-ownership cost 5,510,500: Net position: 5,786,242

player wage 47,648,255 TV revenue (including from UEFA) 32,134,601

In 2011, TV revenue  31,968,456, player wage 47,864,712

player profit 62,162,043 (mainly due to friendship with Milan and Inter), counter-option income 500,000, loan income 3,246,250 co-ownership income 17,024,500

amortization 40,801,899 loan cost 2,454,000 and 1,824,140 write-down 3,365,505 co-ownership cost 3,231,000 net position 31,256,249