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Berlin (dpa) - The coronavirus pandemic has major financial consequences for the Bundesliga soccer team Union Berlin.
For the first time in more than a decade, the iron company ended the financial year with a negative result.
Despite the highest budget to date due to the promotion to the Bundesliga, a minus of 7.44 million euros was posted in 2019/20.
Income of 70.39 million euros was offset by expenses of 77.84 million euros.
Managing director Oskar Kosche announced these figures at the general meeting held digitally on Wednesday.
President Dirk Zingler was absent for "urgent personal reasons," as Union announced.
A higher deficit in the balance sheet was prevented by various savings.
Players and employees waived a 1.25 million euro salary
Fans were not reimbursed for entry fees of 621,000 euros.
Modified deals with sponsors, banks and other partners saved more than ten million euros.
The club from Köpenick last had a negative result in the 2007/08 season.
At that time Union had played in the then third-rate Regionalliga Nord.
"In terms of the balance sheet, the work of ten years has been destroyed within three and a half months," said Kosche, but assured: "We are able to service the liabilities due on time."
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Loss items were reduced income from the ghost games in the Bundesliga in the amount of 7.09 million euros and lower TV income of 2.68 million euros.
The negative equity increased in the 2019/20 season compared to the 2018/19 season from 8.99 to 17.03 million euros.
This means that the Union Group is basically back to the level of the second division year 2009/10, when negative equity was 16.10 million euros.
© dpa-infocom, dpa: 210127-99-197133 / 2
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