Osasuna closed the first half of the season on Dec. 31, 2024, with a post-tax profit of €1,367,857. The club had initially projected a full-season profit of €39,000, meaning its financial performance has significantly exceeded expectations.

The forecast for the second half of the season, barring any extraordinary revenue, is expected to see a slight decrease in this figure. However, the club’s final profit will still be above initial projections presented at the last General Assembly.

Revenue has so far aligned with the club’s preseason expectations. Key income streams such as broadcasting rights, ticket sales, and sponsorships are performing as projected. Additional revenue has been generated from the transfer of David García (€8.75 million) and the solidarity mechanism payment for Mikel Merino (€1 million) following his move from Real Sociedad to the English Premier League. The club also received €350,000 from a contractual clause in Chimy Ávila’s transfer to Real Betis.

In total, Osasuna has generated €10.2 million in revenue, enabling investments in squad reinforcements, including the signings of Abel Bretones (€2.8 million) and Enzo Boyomo (€5 million). The club also increased its salary cap to enhance the squad, with players such as Bryan Zaragoza arriving on loan from Bayern Munich.

The higher-than-expected profit is mainly due to reduced expenses. Factors contributing to this include lower procurement costs under the new contract with Macron, as well as a slight reduction in operating costs. Salary expenses, the club’s largest expenditure, remained within projections through December. However, a slight improvement is expected in the second half of the season following player departures in the winter transfer window.

Osasuna’s interim financial audit reports that the club’s net debt stood at €66.8 million as of Dec. 31, marking a €4.3 million increase from June 2024 (€62.5 million) but slightly below the €67.1 million recorded in December 2023. This increase is attributed to advance television revenue payments for early 2025. The club expects its debt to return to June 2024 levels by the end of the season - although this will depend on the progress of construction at the Tajonar training complex and the timing of disbursements from LaLiga’s "Plan Impulso" fund.

A key highlight in Osasuna’s financial restructuring has been the impact of Plan Impulso. With stadium renovation loans now repaid, the club’s primary objective is to eliminate a €12 million loan from Rights & Media, taken during the COVID-19 pandemic. By the end of the season, only €90,000 will remain, set to be fully repaid in July—meaning the loan will be settled entirely within four months.

Once this is accomplished, the club’s long-term debt will primarily consist of LaLiga’s Plan Impulso funds, along with three loans from previous club administrations dating back to May 2003.

The audit distinguishes Osasuna’s debt to LaLiga (CVC funds) from other liabilities, which totaled €26 million as of December. It also highlights the club’s improving EBITDA. Excluding LaLiga debt, Osasuna could pay off its liabilities in 2.3 years based on its financial performance. Including the LaLiga debt, this timeframe extends to 5.9 years.

Another key financial indicator, the club’s working capital, has improved by €8 million since June 2024. Though still negative at -€20.6 million, it reflects a “very positive” trend, according to the audit.

As of Dec. 31, 2024, Osasuna had €6 million in cash reserves, according to its treasury report.

Looking ahead, the club’s Futuro Tajonar project aims to modernize its training facilities using remaining Plan Impulso funds. The timing of these upgrades will determine when the club accesses additional funds, which could affect its net debt.

Osasuna has also expanded its property holdings, purchasing a 28,000-square-meter plot for €4 million (plus VAT) in addition to the 166,000 square meters acquired in 2022. The club has already paid €1 million, along with €840,000 in VAT, leaving a remaining balance of €3 million to be paid over the next three years, from 2025 to 2027. This amount is recorded as future debt but is not yet reflected in the December audit.

AUDIT REPORT 12-13-24