Rigas Zellis President Highlights Zalgiris’ Budget Surpassing Their Annual Funds in Weeks
Source: sportacentrs.com
Edgars Buls, president of the ambitious basketball club Rigas Zelli, revealed on the program “(Bez)maksas sports” that approximately 70% of the club’s planned €2.5 million budget for this season has already been secured through contracts at the very start of the campaign. Ticket sales are projected to bring in around €400,000, which accounts for nearly 20% of the total budget.
One of the official requirements for the EuroCup is maintaining an annual budget of €2.5 million, a target recently set by this relatively new club. Compared to last season, this represents a 150% increase in the budget, marking a significant step forward for the organization.
“I recently met with Zalgiris president Paulius Jankunas during a friendly match in Kaunas. I asked him about their budget for this season. He said they were still calculating but it looked like €26 million. Three weeks later, they publicly announced it would be €28.8 million. In just three weeks, Zalgiris raises our entire annual budget! That’s the comparison,” Buls explained.
“I can say we have already secured 70% of our budget through signed contracts. This doesn’t mean all contracts have been paid or fulfilled yet, but the agreements are in place for that amount.
Additionally, income from ticket sales is included in the annual budget plan, but of course, those revenues have yet to materialize since we haven’t played any games yet.
It’s important to understand that in professional sports, cash flow doesn’t work differently. It’s not like Zalgiris has all €30 million sitting in their bank account right now. We operate year-round with money coming in month by month. Some sponsors pay now, others in December, some only in April.
My role as the organization’s leader is to balance income with expenses so our payments aren’t delayed. Or if there are delays, they’re minimal, and we avoid headlines about debts. The work continues. But can I say we have €2.5 million in the bank right now? Of course not,” he admitted.
Last season, Denys Lukashov played for Rigas Zelli. At the end of August, the club from Latvia’s capital signed Ivan Tkachenko.
