Omonia chairman Stelios Mylonas (photo) has hammered home some hard truths about the financial state of the club saying that things are looking up but they are not out of the woods just yet.
Speaking at the club’s general assembly this week – in which he also reversed his decision to step down and was instead accepted to stay on until May next year, Mylonas outlined the current financial situationto the club members.
“The debt currently stands at €14.5m and we all know that that figure had previously been higher”, he said. “I would just like to point out that the current board has achieved in settling many outstanding dues inherited from the previous leadership. Only the cases of [former players] Iago Bouzon and Francisco Aguirre remain.”
Mylonas went on to explain that his board had settled unpaid contractual obligations towards Bryan Bergougnoux, Dedi Ben Dayan, Lomana LuaLua, Dragoslav Jevric, Victor Espasandin, Michalis Constantinou, Noel Kaseke, Giorgos Loizou, Antonis Giorgallides, Elias Charalambous, Constantinos Makrides, Oz Raly, Jose Rueda, Davidson Morais and Takis Lemonis.
Some players are in the process of being paid off like former striker Yiannis Okkas with Omonia oweing just under €1m in unpaid salaries. Others who are also being paid on a monthly basis include former manager Dusan Bajevic.
“Credit also needs to be given to this board for not adding to the debts with the way it has run the club this season,” he continued. “For the 2013-14 season, club expenditure is estimated to be €5.5m while revenue is expected to be €6m. We are therefore expecting a windfall of €500,000. Although our budget has been satisfactorily reduced, we mustn’t forget that we still need to raise €2.5m to pay old debts so we don’t face sanctions from UEFA. The debts accumulated between 2008 and 2012 are the ones that have created so many problems for our club.”
Omonia’s current financial predicament has been blamed on the poor management of previous chairman Miltiades Neophytou who – in an effort to join Anorthosis and APOEL in reaching the Champions League group stages – splashed out to bring in big name players to the club.
Omonia are currently third in the league, four points shy of leaders Apollon Limassol. They take on Aris Limassol at home on Sunday.
Also reflecting Mylonas’ comments about thinly stretched funds was coach Toni Savevski who told reporters yesterday when asked whether he wanted reinforcements in January, “We shouldn’t be thinking about bringing in new players. We don’t have the right to be thinking about such things or the money. In order for a player to come, one must leave but there is no such scenario unless he is sold.”
Speaking at the club’s general assembly this week – in which he also reversed his decision to step down and was instead accepted to stay on until May next year, Mylonas outlined the current financial situationto the club members.
“The debt currently stands at €14.5m and we all know that that figure had previously been higher”, he said. “I would just like to point out that the current board has achieved in settling many outstanding dues inherited from the previous leadership. Only the cases of [former players] Iago Bouzon and Francisco Aguirre remain.”
Mylonas went on to explain that his board had settled unpaid contractual obligations towards Bryan Bergougnoux, Dedi Ben Dayan, Lomana LuaLua, Dragoslav Jevric, Victor Espasandin, Michalis Constantinou, Noel Kaseke, Giorgos Loizou, Antonis Giorgallides, Elias Charalambous, Constantinos Makrides, Oz Raly, Jose Rueda, Davidson Morais and Takis Lemonis.
Some players are in the process of being paid off like former striker Yiannis Okkas with Omonia oweing just under €1m in unpaid salaries. Others who are also being paid on a monthly basis include former manager Dusan Bajevic.
“Credit also needs to be given to this board for not adding to the debts with the way it has run the club this season,” he continued. “For the 2013-14 season, club expenditure is estimated to be €5.5m while revenue is expected to be €6m. We are therefore expecting a windfall of €500,000. Although our budget has been satisfactorily reduced, we mustn’t forget that we still need to raise €2.5m to pay old debts so we don’t face sanctions from UEFA. The debts accumulated between 2008 and 2012 are the ones that have created so many problems for our club.”
Omonia’s current financial predicament has been blamed on the poor management of previous chairman Miltiades Neophytou who – in an effort to join Anorthosis and APOEL in reaching the Champions League group stages – splashed out to bring in big name players to the club.
Omonia are currently third in the league, four points shy of leaders Apollon Limassol. They take on Aris Limassol at home on Sunday.
Also reflecting Mylonas’ comments about thinly stretched funds was coach Toni Savevski who told reporters yesterday when asked whether he wanted reinforcements in January, “We shouldn’t be thinking about bringing in new players. We don’t have the right to be thinking about such things or the money. In order for a player to come, one must leave but there is no such scenario unless he is sold.”
Cyprus Weekly
