Stores the consecutive fifth scudetto conquest, looking forward to the Cup final with Juventus, it's time to organize the next transfer campaign and set up a team that can give the assault to the goal for next season: win the Champions league.
Improved operations during the two phases of the transfer campaign led to an increase in investment of € 118.5 million, deriving from acquisitions (including capitalization of any awards related to ceding companies recognized sports scores on players bought in previous campaigns transfers) to € 145.1 million (Dybala, Mandzukic, Zaza, Alex Sandro, Hernanes, Khedira, Pereyra, Neto, Tello, Zappa, Cerri and Mandragora).
Disposals for 20.2 million (net book value of the rights assigned about Tevez, Ogbonna, Vidal and Sorensen), 56.1 the millions received. Total net financial commitment is divided into four exercises, amounted to € 94.9 million including the charges. The net gains generated from sales amounted to € 33.8 million. Such outright transactions must be added the temporary acquisitions Cuadrado (1.5 million), Lemina (0.5 million the cost of the option) and Vadala (3.3 million loan biennale) and temporary transfers of Coman (7 million loan biennale), Cerri (1 million), Tello (1 million), De Ceglie and Isla, in addition to 3 million acquisition of share options about Betancur, Cubas and Cristaldo.
Ultimately it is easy to see how the two campaigns transfers were invested 90 million revenue generated through participation in the last edition of the Champions League.
All these operations have led, over the last six months, an increase in the cost of the staff member (wages and depreciation) amounted to € 16.4 million compared to the same period of fiscal year 2014/15. The increase was due to higher earnings recognised footballers in organic (€ + 13.7 million), as well as higher depreciation and impairments (€ + 2.7 million). Projecting this data through June 2016 (the end of the year 2015/16), we get probably a payroll costs (gross wages plus depreciation and amortization) estimated at about € 273 million against 237 million for the last financial year.
This means that on the one hand, the increase of wages allows Juve to stay within the boundaries defined by article 62 paragraph 4 of the rules on financial fair play (payroll costs less than 70% of total revenues), on the other, for a balanced and prudent financial and economic management, make sure that the cost of the staff member (gross wages) plus depreciation does not exceed 70/75% of revenues (the famous ability to fire).
Therefore, in order to "predict" the room for manoeuvre places being black-and-whites, leaders will try to estimate the revenues expected in 2016/2017, exercise a competence of the financial effects of the next transfer campaign.
Juventus should close the current year with approximately € 380 million revenue against 348 the previous year. This estimate is the result of higher revenues from the new Adidas contract, from the renewal Jeep (15 million), those relating to the direct management of the sales activities and official products estimated at 12 million. To this figure we must add the increases in income from voice-related management rights footballers (37 million versus 23.5 million for the last financial year) and deduct the negative revenues from approximately 9 million races, concerning the non-ticket revenues breakdown of the Champions League final and lost revenue of gare quarter-and semi-finals.
For the 2016/17, estimates of revenues should not differ much compared to 2016, with the only variable of the Champions able to secure more revenue since the last exercise, in the case of successful completion of the round of 16. In the light of the considerations and conservative estimates made, Juventus would not seem to have ample space to maneuver in this phase of the market, given the huge investments made in the summer session, will require a strategy to shore up the rose with a few targeted purchases and to put in place the ability to "self-financing" amortization and leveraging on signings released from disposals.
For example the contract of free budget costs for about 6 Caceres million between annual depreciation rate (2 million) and gross engagement (4 millions – given unofficial). The same can be done for the possible sale of Isla which would release depreciation costs for 3.3 million (plus any capital gain of 3.7 million in the case of ransom to 7 million by the Marseilles), Martinez (out of contract) 0.7 million. As well as from a possible sale of Hernanes, between amortization (3.9 million) and engagement (6 million gross) it would cost budgeted for about 10 million per year. The market appears to be the crossroads of Juventus ' exercise of Real Madrid of recompra of Morata, which if exercised for 30 million would result in a capital gain of € 16.7 million and Galfer course would release 8.5 million budgeted for costs that would be used for his replacement. Failure to redeem the loan by Cuadrado, will allow, for example, to use the savings of its "cost" for other lenses, a random name: Berardi.
This analysis is based on personal estimates of some unofficial financial statements and taking for example the cost of some players who don't for this are believed to be on the market. The purpose is only to help readers understand some technicalities, so for example, with the "legendary" 100 million Pogba can't make a team without taking into account the costs arising from purchases, not without checking the expected revenues compared to budget sustainability.
http://gianlucadimarzio.com/calciom...cato-tra-champions-ed-equilibrio-di-bilancio/
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