Sporting Lisbon reports loss

The Superliga club has reported almost €10m loss for the year ending 31 July 2004. In spite of the loss, the club succeeds to reduce overall debts by 66% and improved considerably the cash-flow. During the past three years the club had income €30.4m from transfers, representing a handsome return on the investment made in the construction of its youth academy. According to President Dias da Cunha the club reached an agreement with two banks to inject funds the club needs for balancing the books. The agreement is part of a plan to reduce costs by €10m over a three-year period.