Chinese Super League champions Guangzhou Evergrande post record US$156m loss for 2017
Club takes in US$83m but writing off $52m Jackson Martinez and wages for new boss Fabio Cannavaro have hit the club in the pocket
This is an increase on the last figure published in April 2017 that showed a US$147 million deficit.
Chinese state news agency Xinhua reported that the club posted an annual revenue of US$83 million in their annual report.
Ticket sales at the Tianhe Stadium accounted for just 8.5 per cent of their revenue, despite the club averaging almost 45,000 for every home game with advertising accounting for 70 per cent of their income.
They were the only Chinese club in the top 30. Soccerex also report that the club’s squad is the 68th most valuable in the world.
Evergrande’s squad features many China internationals and they will be among the best paid players in a league that overvalues domestic talent.
The club paid US$45.1 million for Colombian striker Jackson Martinez, who they released at the start of this season in March.
Earlier reports from China had stated that the former Tianjin Quanjian boss is the best paid in the Chinese Super League and the fourth highest paid in the world.
The Italian took over from Brazilian boss Luiz Felipe Scolari while their former manager was Marcello Lippi, who now coaches the China national team.
CSL rivals Beijing Guoan were sold to Sinobo for US$100 million in January 2017, making them amongst the highest valued clubs in the world and Forbes listed Evergrande as valued at US$282 million in 2016.
Forbes reported that Jack Ma’s Alibaba – also owners of the Post – paid US$192 million for a 50 per cent stake in the club in 2014, although Xinhua say the club is 38 per cent owned by the e-commerce giant. Real estate giants Evergrande, owned by Xu Jiayin, acquired the club for US$16 million in 2010, with Xinhua suggesting they still control 57 per cent of the club, which is formally known as Guangzhou Evergrande Taobao. The rest is controlled by minority shareholders.
Evergrande won 1-0 on Saturday night to keep their pursuit of an eighth title in a row alive. Yu Hanchao scored in the 90th minute to beat Jiangsu Suning and the win left the champions two points behind Shanghai SIPG with the league leaders having a game in hand.
SIPG played Changchun Yatai on Sunday afternoon losing 2-1 thanks to a brace from Nigeria striker Odion Ighalo.