The unexpected failure to sell Galeno will prolong Porto’s financial difficulties. How Morning mail SAD Porto were reportedly expecting to make around €100 million in revenue from player deals in the summer market.
This sum was needed to cover the operating deficit (current revenues for the first semester will be lower than expenses) and to help pay off the debt to clubs and businessmen by the end of December (around 90 million euros when the current administration took office at the end of May). A decisive step to guarantee continuity in UEFA competitions.
SAD closed this transfer window with revenue of 54.9 million euros.
The sale of Galeno to Al-Ittihad for 50 million euros, which was boycotted by Domingos Soares de Oliveira, the former Benfica administrator working for the Saudi club, would have allowed Porto to overcome the established threshold and strengthen its liquidity.
Now SAD has to find a funding alternative, which, as you know, CMmust take out a new loan as part of the debt restructuring.
Author: Joao Moniz
Source: CM Jornal
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