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AFC Leopards have revealed a not so healthy financial state of the club despite a massive increase in revenue in the year 2023.
AFC Leopards recorded a significant increase in their revenue in 2023 but still ended the year in loss-making territory.
According to extracts from the 2023 financial report released by Leopards secretary general Gilbert Andugu, Ingwe generated Ksh103,167,127 in revenue in 2023 compared to Ksh67,423,245 in 2022.
However, the increase in revenue also saw a major jump in costs as Leopards spent Ksh28,876,190 in total direct costs in 2023, more than double what the club splashed out on the same in 2022, which stood at Ksh13,681,748, while administrative costs shot up nearly double from Ksh48,394,713 in 2022 to Ksh82,082,565 a year later.
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Financial costs went up five times to Ksh805,038 in 2023 from just Ksh161,208 the previous year. That took Leopards’ total expenditure to Ksh111,763,790 in 2023, having spent just Ksh62,237,669 the previous year.
It means Ingwe made a loss of Ksh8,596,663 in the year 2023 after generating a profit of Ksh5,185,576 in 2022.
They are not positive numbers given how Leopards worked hard to increase their revenue and Andugu will likely face a lot of questions from members on the issue at the club’s Annual General Meeting (AGM) set to be held on Sunday 30 at Kasarani Auditorium Indoor Arena.
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“I cannot comment on it now. Let members go through it then all the questions and concerns we shall deal with them at the AGM,” Andugu told Pulse Sports when asked over what could have led to the loss.
Although it has not yet been revealed, Leopards’ main cash streams are believed to be their sponsors betting firm Betika, who signed a three-year deal worth Ksh65 million annually with the club in July 2022, as well as gate collections, which increased significantly last year.
With Football Kenya Federation (FKF) signing a broadcast deal with Azam TV last year, Premier League clubs are also entitled to a share of the revenue which could have also boosted the club’s coffers while it is still not known if they made money from player sales.
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The club’s huge expenses might have come from a huge outlay on players following the end of their transfer ban last August as they went on a shopping spree, bringing in over 10 players, six signed from Nzoia Sugar, with transfer fees and salaries inflating the budget.
Leopards also had to find a payment formula with former coach Patrick Aussems, who was owed Ksh21.5 million in unpaid dues and fines, while the club was fined Ksh500,000 by FKF following an incident of hooliganism that occurred during their league clash with Kakamega Homeboyz at Bukhugu Stadium in April 2023.
Ingwe also parted ways with Aussems’ replacement Tom Juma in October before current coach Tomas Trucha was hired which could have eaten into their budget in terms of compensation and salaries.
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