Feyenoord has suffered a net loss of 17 million euros in the 2020/21 financial year, according to the annual report published by the Rotterdammers on Tuesday. According to the club, the result was caused by an operating loss of 4 million euros and a transfer result of 13 million euros negative. Due to the loss, Feyenoord’s equity has shrunk to approximately 1.5 million euros.
“These are not figures you would like to present, but they are the inevitable repercussions of a difficult year under very exceptional circumstances,” said financial director Pieter Smorenburg of Feyenoord. “Once again we would like to thank everyone and everything for the support we have experienced at Feyenoord during this in many ways challenging season.”
The influence of the corona crisis, which left De Kuip empty for almost the entire season, has been limited to ‘only’ 2 million euros loss. “Thanks to support from the national government, cost savings (including a wage sacrifice from all staff) and the waiver of restitution by supporters and business relations, the unprecedented loss of turnover due to the corona crisis of 26 million euros was largely compensated,” writes Feyenoord. “All three items individually yielded approximately 8 million, so that the final corona loss is 2 million.”
The large net loss is therefore mainly due to the negative transfer result. Feyenoord made relatively little with the transfers of Crysencio Summerville to Leeds United and Jordy Wehrmann to FC Luzern and additional transfer fees from Jeremiah St. Juste (who was sold to 1. FSV Mainz in 2019). On the other hand, there was a large amount of write-offs on players, which ultimately resulted in a negative transfer result of 13 million euros.
Feyenoord says it realizes ‘that progress must be made in this area in particular in the coming years’. The transfers of Steven Berghuis (to Ajax), Wouter Burger (to FC Basel) and Ridgeciano Haps (to Venezia) were closed after 1 July and are therefore in the next financial year. Feyenoord reports that including those three transfers, the expected transfer result on August 31, 2021 is negative.