69% of the share capital approves Betis’s accounts

Real Betis Balompié held its General Shareholders’ Meeting this Tuesday, December 17where the accounts of the club are approved by a large majority, first, and then the proposals presented by the Board of Directors headed by Angel Haro and José Miguel López Catalan, that after the last capital increase carried out last summer, of 42.9 million euros, they increased the shareholding percentage and each control 19.5% of the shareholding, while the 14,300 minority shareholders of the entity have 35, 5%.

Haro and Catalán also have the support of the club’s main shareholders, such as Joaquín Caro Ledesma (8.5%) -whose son is in the council-, the councilors Ozgur Unay (1.35%), Carlos González de Castro or José María Gallego (1%), as well as people who support the project such as the former footballer Joaquín Sánchez (3.3%) -current member of sports management-, the García de la Borbolla family (3.1%) or Juan Manuel Ortega (1.15%).

Real Betis closed the 2023/24 season with a surplus of 321,000 euros, as the second campaign in which it is profitable after three years of huge losses due to Covid, and The budget for the current period is 183 million euros.

The annual accounts of Real Betis were approved by 162,793 votes (shares) in favor, 13,276 against and 420 abstentions. The votes in favor mean the support of 69.2% of the share capital and 92.2% of the representatives at the AGM. The votes against represent 5.6% of the share capital and 7.5% of those present in the room. That was the first vote of the afternoon and the others, up to thirteen, recorded similar numbers.

A high staff cost

The current value of the squad is 106 million euros and the net value of the turnover went from 74 million six years ago to 138 million at present, almost double, so the annual value of the staff exceeds 76% of the turnover, a reason that forces the green and white club to achieve revenues from moving almost every year to balance its balance sheet.

“In the medium term, the club’s strategy is to bet on short squads, with a maximum of 22 players, and give space to young people from the quarry”, explained President Ángel Haro during the Meeting.

The assets of Real Betis became 281 from 193 million. In the non-current increase of 20 million thanks to the new sports city and the cost of the squad. Current assets are set at 69 million. In the refinancing of the debt, which was carried out at the end of the last season, it will be seen that there is cash on hand of about 60 million. Liabilities are also growing but negative net worth, still in the red, is from -73 million to -39. If it is hit by CVC funds (which contribute 63 million) it will be in positive 23.4 million.

Apart from the annual accountsthe report of the management, the application of the results of the year, the approval of the management, the budget of this campaign and the re-election and appointment of directors, in this general meeting it is planned to approve the change of the laws of club , because up to 22 Articles have been updated, modified or deleted to adapt them to the current regulations, for which a qualified majority is required, which will be overcome, as it became clear in the first vote of the afternoon.