Barcelona Becomes First Sports Club To Post Billion Dollar Revenue – Business News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Business News

Barcelona Becomes First Sports Club To Post Billion Dollar Revenue

Published

on

Barcelona Becomes First Sports Club To Post Billion Dollar Revenue

FC Barcelona announced it has become the first sports club to post annual revenues exceeding $1 billion.

La Liga champions Barcelona presented their annual accounts on Tuesday, showing earnings of $1.05 billion for the 2017/18 fiscal year, breaking its own income record for the fifth successive year and posting a profit for the eighth consecutive year.

Barca said the rise in revenue was driven by increased income from television rights from the Champions League and the August 2017 sale of Brazilian forward Neymar to Paris St Germain for a record 222 million euros ($257 million) transfer fee.

The club also announced a record budget of $1.105 billion for this season, which needs to be approved at a general assembly on Oct. 20.

The club added that its debt amounted to $181.3 million as of June 30.

“The extraordinary income from payment of Neymar Jr’s buyout clause has been compensated in next year’s budget through improved commercial and sponsorship revenue, media rights, exploitation of the stadium and transfer of players,” the club said in a statement.

“This is the first time that revenue has surpassed $1bn, a huge step up from 2016/17.”

African News

Tunisia’s Parliament Approves New 2019 Budget With No New Taxes

Published

on

By

Tunisia's Parliament Approves New 2019 Budget With No New Taxes

Tunisia’s parliament has approved a 2019 budget imposing no new taxes on individuals and easing the burden on some sectors after years of tax hikes that have stoked public anger and at times violent protests.

The budget, adopted by 113 votes out of 217, projected a fall in the deficit to 3.9 percent of the gross domestic product next year, from about 5 percent expected this year.

Prime minister Youssef Chahed said earlier this year that 2018 would be the last difficult year for Tunisians, but his government remains under pressure from the international monetary fund to trim the budget deficit by cutting subsidies and reforming the bloated public sector.

Budget analysts expect Tunisia’s economy to grow by 3.1 percent next year, up from an estimated 2.6 percent this year.

The government will cut taxes in half next year to thirteen and a half percent for companies operating in sectors including technology, textiles, engineering, and pharmaceuticals.

Taxes on bank profits were raised from 35 to 40 percent.

Continue Reading

Business News

Experts Support Trade Multilateralism

Published

on

By

Experts Support Trade Multilateralism

Several experts from different countries have voiced their support for multilateralism in trade.  They particularly pointed to china’s actions to promote cooperation based on win-win results.

Sanusha Naidu, a foreign policy analyst based in South Africa, said the recent G-20 summit has told the world the significance of multilateralism in trade which has played an active role for the global economy.

Continue Reading

African News

Saudi Arabia To Invest 100m Euros In Africa’s Sahel Region

Published

on

By

Saudi Arabia To Invest 100m Euros In Africa's Sahel Region

Saudi Arabia has pledged 100 million euros  to support priority investment programs in Africa’s Sahel region.

Saudi’s state minister for African affairs Ahmed Qattan made the announcement at a donors meeting for the five-member Sahel group, held in the Mauritanian capital Nouakchott. The other countries making up the Sahel group are Burkina Faso, Chad, Mali and Niger.

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: