Chinese Super League football team Guangzhou Evergrande reported a $274m (€252m) loss for 2019, according to the club’s latest annual report.
In its filing with China’s National Equities Exchange and Quotations (NEEQ), the listed company’s annual report showed an operating cost of CNY2.41bn (€313m/$340m), and operating revenue of CNY783m in 2019, Chinese website Sports Money reports.
According to the financial regulations issued by the Chinese Football Association (CFA), the total permitted expense for a top-flight club amounts to around CNY1.23bn in 2019.
Real estate developer Evergrande Group holds a 57-per-cent stake in the club and billionaire Jack Ma’s e-commerce giant Alibaba has 38 per cent.
Since real estate developer Evergrande Group took over the club in 2010, Guangzhou have collected eight CSL titles and two Asian Champions League trophies.
The Guangzhou-based club recently started work on a landmark 100,000-seat home stadium, and is planning to build two more 80,000-seat stadiums elsewhere in China.