Revenues football CSKA increased by 21% in 2014, to $ 80.9 million, follows from the financial statements in accordance with IFRS Bluecastle Enterprises Limited British company, which owns 100% of the club. At the same time operating expenses decreased by 9% last year, to $ 90.6 million. Revenue growth and cost reductions have allowed CSKA to reduce the net loss by 11 times.

The increase in revenue is due to growth in revenue from advertising and sponsors. For two years, these revenues rose by 2.3 times, to $ 41.5 million. For example, in 2011, "Bashneft" has paid $ 8 million, including VAT, for the status of the general sponsor of CSKA. During July 2012 - June 2013 (at that time held the first championship of Russia on football in the system "autumn - spring") posted $ 7.5 million "Aeroflot" - this sum included not only VAT, and transportation services for $ 0.84 million. But already in 2013, CSKA signed with the state holding "Rossetti» (№9 in RBC rating of 500, the proceeds -. 760 billion rubles) agreement on general sponsorship for five years, the total amount of $ 133.7 million.

$ 26.7 million on average per season - a record amount for the Russian market. For comparison, the "Barcelona" while acting contract with the Qatar Foundation, according to theOtori club received € 30 million per year (about $ 40 million in 2013). In 2015, "Barcelona" has signed a new contract with Qatar Airways, for which the club will receive € 65 million per year (about $ 70 million at current exchange rates).

Growth in the value of the contract with "Barcelona" is associated with an increase in revenues in the sports market "golden billion" countries - the league get more money from the sale of television rights, and sports clubs renegotiate the agreement with sponsors on more favorable terms. In Russia, the sports industry is in fact no - pay TV sports does not earn a profit on government money creating a public sports channel "Match", and the attendance of the same CSKA on home matches in 2014/15 season did not exceed 9 thousand people..

So what is the reason for the growth of income from sponsors CSKA?

Since 2011, a "financial fair-the play" (PZPN) in Europe, a set of different rules which, according to UEFA officials, will help improve the finances of football clubs (for more details about it can be read via the link). One of the rules PZPN - 2013 clubs must confrzhdat its break-even (in fact, the club can be loss, it all depends on the specific situation, and to calculate the break-even point is not counted on the children's school costs, infrastructure investments, etc.). In case of violation of PZPN club can receive a reprimand, lose points, prize money or even be banned from UEFA competitions.

And sponsorship agreement with "Rosset", the amount of which is four times more than the previous contract with "Aeroflot" greatly helped CSKA. In 2013, the club's loss decreased by 1.3 times in 2014 - in 11 times and now is only $ 3.4 million.

At the same time we should not forget about the peculiarities of accounting finances of football clubs. Profit and loss account they often "distorted" because the clubs make to the operating costs are not contracts for the purchase of players costs and amortization contracts (value of a player contract is an intangible asset, and its "absorb" / cheat annual equal portions). Because of these accounting standards are also clubs do not always take into account the income from the sale of player, reducing it to the remainingthe amount of depreciation (more about features of the account of football finances, read the link). Therefore, the profit and loss may well be "paper". Far more indicative cash flow statement, which discloses the income and expenditure of funds for the year.

Due to the growth of revenue from sponsors CSKA in 2013 (contract with "Rosset" came into force on July 2013) had a positive operating cash flow -. Almost $ 1 million in 2014 it exceeded $ 10 million is necessary to pay attention to the fall in revenues from the general sponsor. and the growth of revenue from advertising and other sponsors - this is due to the fact that in 2014, "Rossetti" changed the funding structure of the contract. The head of the holding company remained the general sponsor, in this case to have joined CSKA financing its subsidiaries, received the status of premium partners.

At the end of 2014 revenue from sponsorship and advertising CSKA make up 51% of revenue. This high rate, but the average for the clubs of the Russian Premier League (Premier League), it is even higher - 60%. according toR eport UEFA Club Licensing Benchmarking Report for 2014, the share of income of sponsors in the revenue of Premier League clubs has been ranked among the top 15 major football leagues in Europe. The club English Premier League, the figure is 28%, the German Bundesliga - 41% of the Spanish La Liga - 24%.

And if the revenue from sponsors grew, the income from tickets CSKA, by contrast, fell 40% to $ 3 million The main reason -. Devaluation of the ruble against the dollar. In 2014, revenues from tickets and subscriptions accounted for less than 4% of revenues (from English clubs - 18%, in Germany - 21%, in Spain - 20%). After the commissioning of its own CSKA stadium plans at least to double the revenue from tickets and season tickets.

According to the cash flow statement, in the last three years, CSKA managed to stabilize or even reduce almost all expenses, including taxes. The only growing line - interest payments on bank loans - with a couple hundred thousand dollars in 2011 to $ 6 million in 2014. The reason - to change the funding model of the club and build their own stadium.

Earlier, CSKA shareholders headed by Yevgeny Ginerohms, or rather the associated company, gave the club free loans to cover the difference between revenues and expenditures. From year to year it was different amounts. For example, in 2008, CSKA has received funding from the shareholders by $ 58 million, in 2009 -. A mere $ 13 million in the past three years, shareholders were isolated club $ 20-30 million per year, while in 2014 the amount of funding and all fell to the ground. The reason is the same - PZPN and sponsorship of "Rossetti", the annual payment of which is ideal for the replacement of help from the shareholders.

At the end of 2012 the volume of loans from related parties at CSKA Moscow exceeded $ 265 million for the rest of the financial debts of the creditors had only a few million dollars. Net debt the club has reached the maximum - $ 270 million.

But in 2013, CSKA shareholders had converted a large part of the debt - $ 202 million - in the shares of the club. And at the same time it held a deal with Vnesheconombank - CSKA Bank provided a credit limit of $ 280 million at a rate of 6.5% per annum for the construction of the stadium, having received a pledge of 100% stake in the club.

For two years the CSKA half chose a line of credit - debtto VEB on results in 2014 amounted to almost $ 140 million. At the end of October 2015 the representative of the CSKA Stadium appreciated the willingness of 90%, it is expected that the club will hold its first match on it in March 2016.

In football CSKA not only a positive operating cash flow in the last two years, but also from trade plus the rights to the players, and for a longer period. During the years 2008-2014 CSKA Moscow proceeds from the sale of rights to players to $ 124 million, and the purchase costs - $ 110 million.