Valencia Basket shareholder meeting was held on Wednesday, where the team's budget has been approved.
With the majority stake held by the Spanish billionaire Juan Roig, Valencia's last year's expenses consisted of 25.17 million euros, 3 million out of them from the women's team, with the majority of the funds contributed by the businessman.
For the current campaign, the total budget of the club has been approved to be 21.8 million euros, with 15.2 million going to the men's basketball team and 2.1 to the women's team. Roig will cover the full 15.2 million budget of the men's team.
The rest of 4.5 million euros expenses are expected to be covered by ticketing income, sponsorships, and the income in the competitions that both men and women teams are participating in.
It is reported that Valencia Basket has lost a whopping 66 million euros throughout the last four seasons. Roig's net worth is estimated at $4.4 billion. The billionaire has covered all of the club's losses so far.
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