Football Kenya Federation Premier League (FKFPL) outfit AFC Leopards reported a notable increase in revenue for 2023, yet the club still ended the year in a loss-making position.According to extracts from the 2023 financial report, released by Secretary General Gilbert Andugu, Ingwe generated Ksh 103,167,127 in revenue, up from Ksh 67,423,245 in 2022.However, this revenue increase was offset by a substantial rise in costs.##NAJAVA_MECA_8136659##The club’s total direct costs more than doubled, reaching Ksh 28,876,190 in 2023 compared to Ksh13,681,748 in 2022.Administrative expenses also nearly doubled, jumping from Ksh 48,394,713 to Ksh 82,082,565. Financial costs surged fivefold, from Ksh 161,208 to Ksh 805,038.Consequently, Leopards’ total expenditure rose to Ksh111,763,790 in 2023 from Ksh62,237,669 the previous year.This expenditure resulted in a loss of Ksh8,596,663 for 2023, compared to a profit of Ksh5,185,576 in 2022.Despite the increased revenue, the financial results are not favourable, and Secretary General Andugu is likely to face numerous questions from members at the club’s Annual General Meeting (AGM) on Sunday, June 30, at Kasarani Auditorium Indoor Arena that was announced over the weekend.“I cannot comment on it now. Let members go through it, and then all the questions and concerns we shall deal with them at the AGM,” Andugu told Pulse Sports.Talking points from National Super League match day 34Ingwe’s main cash streams include a sponsorship deal with a gaming firm that generates Ksh 65 million annually, gate collections with the club enjoying a massive following in matches, and membership registration and renewal activities. As of now, the club has 5483 registered members.Additionally, the broadcast deal signed by the Football Kenya Federation (FKF) with Azam TV has provided Premier League clubs with a share of the revenue, potentially boosting the club’s finances further.The club’s high expenses were likely driven by substantial investments in players following the end of their transfer ban last August, which saw them sign over 10 new players, including six from Nzoia Sugar, with associated transfer fees and salaries inflating the budget.Marcelo laments over lack of home advantage for Harambee Stars in forthcoming World Cup QualifiersMoreover, Leopards had to negotiate a payment plan with former coach Patrick Aussems, who was owed Ksh21.5 million in unpaid dues and fines.The club was also fined Ksh 500,000 by FKF for an incident of hooliganism during a league match against Kakamega Homeboyz at Bukhungu Stadium in April 2023.
