China's Guangzhou Evergrande club reports 274 million dollar loss in 2019

Source: Xinhua| 2020-04-29 10:25:11|Editor: huaxia

GUANGZHOU, April 28 (Xinhua) -- China's football club Guangzhou Evergrande and Taobao reported a loss of 1.9 billion yuan (274 million US dollars) in 2019, according to the National Equities Exchange and Quotations (NEEQ) listed company's annual report released on Wednesday.

The club recorded an operating cost of 2.41 billion yuan (341 million dollars), and operating revenue of 783 million yuan (111 million dollars) in 2019.

According to the financial regulations issued by the Chinese Football Association (CFA), the total permitted expense for a top-flight club amounts to around 174 million U.S. dollars in 2019.

Evergrande won their eighth Chinese super league (CSL) title in 2019. The CSL 2020 season has been suspended due to the coronavirus outbreak.

Since real estate developer Evergrande Group took over the club in 2010, Guangzhou have collected eight CSL titles and two Asian Champions League trophies supported by a splash of investment on signing top players and world renowned coaches.

The club, valued at 19 billion yuan (2.68 billion dollars), became one of the most valuable football clubs in the world after they finished the first transaction in China's National Equities Exchange and Quotations (NEEQ) in 2015.

Evergrande Group holds a 57 percent stake in the club and e-commerce giant Alibaba has 38 percent, with the rest in the hands of other investors following a share sale through a Chinese over-the-counter market in 2016.