Olympiacos, Panathinaikos continue to spend below EuroLeague average
Olympiacos and Panathinaikos continue to spend well below the league average in the EuroLeague, the release of the league’s financials has confirmed…
As the EuroLeague prepares for the Final Four in Vitoria-Gasteiz, Spain later this month, the league has continued its focus on making the competition more competitive heading into next season.
The recent ECA Shareholders Executive Board members meeting in Milan, Italy was dominated by discussion surrounding economic issues, according to CSKA Moscow president Andrei Vatutin.
“First of all, we talked about the factors of the financial imbalance between the teams that represent nine countries with different economic realities. We continue the search for a transparent financial model that can be implemented for all that can fit all clubs,” Vatutin revealed.
“The Executive Board members confirmed the previously proposed restrictions setting at 65% the maximum contribution by the owner to the team’s budget. The club should not spend more than the same 65% on players and coaches’ wages. This should stimulate the development of other components of the sports club,” Vatutin explained.
The EuroLeague has focused on growing more than just the entertainment content on the court as the league has made several off-the-court initiatives to help grow the prestige of the brand across the league’s 16 arenas.
“The VIP seats installed on the home arenas by us and others will be mandatory and if possible a second row will be added. We discussed many working projects including the unification of the fonts of the names and numbers of players and methods of applying advertising stickers on the floor to avoid injuries,” Vatutin outlined.
Olympiacos, Panathinaikos losing ground on EuroLeague giants
According to Vatutin’s press release on the CSKA website, the EuroLeague’s average budget for the 2018/2019 was €28.5m – a number that doesn’t quite tell the story of the financial imbalance between the league’s biggest spenders and the league’s more cash-strapped clubs.
A report compiled by French website basket-mag.com indicates that Olympiacos and Panathinaikos each have a budget of €15m at their disposal – a whopping €10.5m short of the league average.
Greece’s two representatives are said to have €10m of their budget allocated for players and coaches’ salaries, with the remaining budget allocated to the other initiatives outlined by the EuroLeague.
The same report indicates that reigning champions Real Madrid own the wealthiest budget with €42m at their disposal while Barcelona and CSKA rank second with €36m each at their disposal.
Budocnost VOLI Podgorica, who just took part in their maiden EuroLeague campaign own the league’s tightest budget with just €5.8m at their disposal; ranking just behind fellow debutants Darussafaka who own a reported budget of €6m.