BC Rytas Presents Record Budget and Financial Report for the 2023-2024 Season
BC "Rytas" has officially presented its financial report for the 2023-2024 season and announced the 2024-2025 season budget plan. For the second time in the club’s history, the budget will exceed 5 million euros, reaching 5,869,000 EUR. Of this amount, 2,750,000 EUR will be allocated to player and coach contracts, taxes, and agent fees.
"In the last three financial years, our organization’s budget has grown by 2 million euros. Most importantly, this growth is based on three sustainable revenue sources: the club's commercial earnings, which became the largest component of the budget last year; the program funding from our main shareholder, the municipality; and an increasing share from ticket sales and season memberships, which is projected to reach 1.3 million euros. This confirms that the decision made three years ago to invest 500,000 euros annually in strengthening the administration team was strategically sound," said Darius Gudelis, Chairman of the Board of BC Rytas.
Jaroslav Latušinskij, starting his fourth year as the club’s director, emphasized that the club’s revenues exceeded expenses by 55,000 euros in the 2022-2023 season, 185,000 euros in 2023-2024, and a profit of 330,000 euros is projected for the upcoming season. After the current shareholders took over all the liabilities left by the former owners, the Board decided to adjust the debt repayment schedules, allocating 200,000 euros annually for this purpose.
“Our long-term loans are currently stable, with no additional administrative costs, and clear repayment schedules, and they do not interfere with the club’s day-to-day activities. This ensures sustainable financial growth and stability. Commercial revenues have become the most significant part of our budget, which allows us more flexibility to invest in team composition and pursue top sports results,” said Latušinskij. "We are also pleased to be working with many strong partners and leading brands. Additionally, our profitability allows us to continue working toward another key goal – reducing infrastructure maintenance costs. After moving to the largest arena in the capital last season, our infrastructure and rental costs increased by over 600,000 euros, and they will reach 822,000 euros this season."
It is also worth noting that last season, the club not only invested in sporting achievements but also allocated significant resources to social responsibility projects. For the second consecutive season, "Rytas" has been actively running the "Together Against All" campaign, directing funds toward various social initiatives and community support, aiming to become not only a sports leader but also a social one. The club’s values include not only striving to win on the court but also contributing to the well-being of the city and society.
“Our club continues to strengthen its position both on the sports field and commercially. We aim to ensure financial sustainability while delivering excellent sports results on the court. All of these achievements will be reflected not only in the experiences of our players and staff but also in the broader "Rytas" community,” concluded the club’s director.