I never thought those exempt costs are significant. Have you done any calculation showing that we have not been in red for FFP?
Also it's true that the revenue is growing, but so are the costs. Increase in merchandise sales, stadium revenue and shirt deal might only account for Ronaldo's massive Salary. Do you think it'll grow enough to sustain paying these crazy salaries to likes of Pogba and De Ligt?
This is my best guess based on the add backs described in their net income definition. I used Capital IQ which I get through my work which populates their as presented financials and just added back based on the lines mentioned in the FFP definition.
As far as growth, I don’t know. A lot depends on sustained performance. But they raised 175M Eur in a 5 year bond. They termed out for a reason. European rates aren’t going up so that isn’t the reason. My guess is they raised that money to make a strong push for the next 2 years while they have Ronaldo. If Revenues don’t grow as desired, they can always adjust. The equity of the company is worth 1.5B eur and the debt is something like 400M Eur right now. That means the company is worth 1.9B meaning your debt to total value is like like 20%.
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