Athletic Create €76 Million “Extraordinary Provisional Fund” To Protect The Club’s Financial Future
Athletic President Josu Urrutia appeared before the media on Wednesday to discuss a few issues and the current status of the club. He was joined by club accountant, Alberto Uribe-Echevarría, and the two once again highlighted the fantastic financial condition of Athletic. Despite how fans may feel about the current board, there is no denying that their tenure has been a massive success financially and they have now taken another step to ensure continued security.
Even though Athletic opened a new stadium back in 2013 the club is still without any debt, which is vastly different to most clubs in Spain. The Lions have been operating at a positive profit for several years now and the decision has been made to set aside money to protect the financial future of Athletic. Urrutia revealed that the club brought in a profit of €76 million last season and that the money is being set aside in an “Extraordinary Provisional Fund” in case it is needed in the future.
“The club has made the decision to do something that we can describe as extraordinary, unique, and special. Our income for the season was €76 million. We have assigned it to a special provision that we are calling the ‘Extraordinary Provisional Fund’. We have always been cautious and are always looking at the future of the club.”
Uribe-Echevarría then spoke and discussed why the fund has been created. The idea is for the club to have funds on hand in case there are any issues or negative accounts at some point in the future. The goal was not to help protect the current board, but thinking ahead to ensure that leadership in the future can operate with more peace of mind. At this time Josu Urrutia has not revealed whether or not he will be running for re-election next year.
“This will serve to create a ‘piggy bank’ from which the club can be protected from bad moments that may come. This money will be used to help balance any possible negative budgets of the future. The club is in a very good place economically. Financially we are very good and want that to continue. The club has a net of €194 million, which would be €270 million if we had not created this fund. The economic situation of Athletic is excellent. Our decision has been made with the idea of thinking about the club, not ourselves. This doesn’t mean that we are going to be running for re-election or not. That decision has not been made. This fund would not serve this board, but will give the boards of the future tranquility and peace of mind.”
In a time where debt seems to be out of control, it is refreshing to see a club like Athletic operating from a place of such financial strength and stability. Of course, a lot of the income over the last few years has come due to the sales of Aymeric Laporte and Kepa Arrizabalaga, but the club has not been shy lately about bringing in talent such as Iñigo Martinez, Yuri Berchiche, and Dani García. Athletic Club is in an impressive financial state which should be a source of pride for fans going into next year’s Presidential elections.