GELSENKIRCHEN, Germany (AP) — Schalke made a €4.55 million ($5.9 million) loss last year according to financial figures released by the German football club on Friday.
Schalke, which made a profit of €5.57 million in 2011, says the negative trend is due "above all" to contractual arrangements with players. Revenue for the period from Jan. 1 to Dec. 31, 2012 was the second highest in the club's history at €172.6 million, compared to €199.8 million for the year before. Debts were reduced by €12.06 million to €151.69 million.
Schalke is fourth in the Bundesliga after recovering from a midseason slump, but the club has not factored Champions League qualification into its financial outlook for the year ahead. Schalke finance chief Peter Peters says, "We're calculating rather on low revenue, which has the effect of reduced personnel costs."