FC Twente Cushions Financial Blow with Ziyech Transfer Windfall Amid COVID Losses
FC Twente is one of the football clubs that has suffered major financial losses due to the measures taken to curb the spread of the coronavirus. The club estimates the loss incurred last season at 1.7 million euros, and much more in terms of turnover, which fell from 7.3 million euros to 18.3 million euros. Fortunately, the club will be able to count on support measures, various forms of support, and compensation resulting from the transfer of certain players, including Hakim Ziyech.
The health crisis has not spared any club in the sports world. The losses are enormous and are linked to the suspension of certain competitions. FC Twente has suffered from this and continues to do so, even though sponsors and supporters have waived around 2.3 million euros to compensate for the missed matches at the Grolsch Veste. Similarly, the government has contributed 5.1 million euros.
The transfers of former players like Hakim Ziyech, Joachim Andersen and Quincy Promes have allowed the club to replenish its coffers. The profit generated by these transfers amounts to half a million euros. An amount that should go beyond this, since the transfers of Joël Drommel and Queensy Menig were finalized after July 1st.
Still in an effort to cope with the financial crisis, FC Twente has reduced its expenses by 5.7 million euros, to 20.4 million euros. The club expects a rapid improvement in its finances with the reopening of the stadiums.
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