Chinese champions Evergrande see 2017 deficit up to $156 mln

GUANGZHOU, April 28 (Xinhua) -- Two-time Asian champions Guangzhou Evergrande Taobao football club recorded a deficit of 987 million yuan (156 million U.S. dollars) as the Chinese Super League (CSL) reigning champions had an annual revenue of 528 million yuan (83 million dollars) in 2017, according to the fiscal report announced on Saturday.

Evergrande won their seventh consecutive champions in CSL in 2017, meanwhile they rank third in the table after seven games, five points behind Shanghai SIPG this season.

According to the report, sales of advertisement accounted for more than 70 percent of Evergrande's revenue, as ticket sales only took 8.5 percent.

Since real estate developer Evergrande Group took over the club in 2010, Guangzhou Evergrande have collected seven straight CSL titles and two Asian Champions League trophies supported by a splash of investment on signing top players and world renowned coaches including Brazilian strikers Elkeson, Muriqui, Ricardo Goulart and Argentina's midfielder Dario Conca as well as Italian Marcello Lippi, Luiz Felipe Scolari and Fabio Cannavaro at the helm.

The club are valued at 19 billion yuan (3 billion dollars), became one of the most valuable football clubs in the world after they finished the first transaction in China's National Equities Exchange and Quotations (NEEQ) in 2015.

Evergrande Group holds a 57 percent stake in the club and e-commerce giant Alibaba has 38 percent, with the rest in the hands of other investors following a share sale through a Chinese over-the-counter market in 2016.

This season, Cannavaro's side are facing tough challenges in the domestic league in title defense from Shanghai SIPG, who had the most threatening attacking line boasting Brazilian duo Oscar and Hulk. Enditem