Norwegian Kolstad announce over 500.000 EUR deficit in 2024
Kolstad Handball Club has reported financial losses for the third consecutive year, with 2024 figures being the most troubling yet, according to Adresseavisen.
“It’s difficult to present such a large deficit,” said CEO Jostein Sivertsen, addressing the club’s annual meeting on Monday evening.
Despite a significant surge in revenue, Kolstad has struggled with increasing costs, resulting in continued financial setbacks:
2022: loss of 800,000 NOK
2023: loss of 1.7 million NOK
2024: loss of nearly 6 million NOK
This ongoing deficit will have a direct impact on the club’s future plans. Kolstad has now been restricted from signing international star players until their financial situation improves. The freeze on high-profile signings will remain at least until the summer of 2026.
Just a few months ago, Kolstad made headlines by securing star goalkeeper Andreas Palicka from PSG.
“The biggest consequence is that we can’t sign international top players until we restore positive equity,” Sivertsen explained.
The club has enjoyed significant revenue growth, from 14 million NOK in 2021 to 78 million NOK in 2023. However, expenses have outpaced revenue, climbing to nearly 84 million NOK in 2024.
Sander Sagosen’s transfer to Aalborg earlier this year is connected to these financial challenges. Sagosen had hoped for the club to bring in more star players, but the current financial reality made that impossible.
Ticket sales fell short in 2024. The club had hoped for 17 million NOK in revenue but earned far less. In some Champions League matches, Kolstad actually lost money. Revenue from games in Trondheim Spektrum was 8.5 million NOK below expectations.
Looking ahead, the club plans for a surplus of 3.5 million NOK in 2025. This will be achieved by cutting costs by 5.5 million NOK while increasing revenue by 4 million NOK.
