Financial crisis in Qbik

Qbik's management announced at a press conference yesterday that the club is in a severe economic crisis. The deficit so far this year is SEK 750,000 and growing. They will have difficulties paying bills and wages the rest of the year. Chairman Lars-Inge Hallstenson says the club has already begun to take measures to avoid an even bigger loss by terminating the contract for their office manager and noticed their head coach that his contract will be terminated by the end of the season.

Qbik made a very ambitious effort this season, with the goal to establish themselves in the middle of Damallsvenskan. They signed full-time office managers, coaches and players and planned to be able to spend more than 2006, when their turn-over was SEK 5,3 millions. But the club has not reached their goals on the field. With a 0-10-9 record so far, the season has been a huge disappointment and it has obviously hurt their earnings. Qbik's budgeted SEK 2 millions in sponsor earnings is so far only 1,5 millions and attendance figures has plummeted from 1,300 last year to around 400 this season.

The club needs to make harsh cuts in spending and will need to renegotiate some player contracts. Their Nigerians Faith Ikidi, Maureen Mmadu and Yinka Kudaisi all have full time contracts at around SEK 18,000 a month, that runs through the 2007 season. German forward Jennifer Meier, that probably is paid a couple of thousands more, is under contract until the end of this month and it is unlikely that Qbik will try to renew it.
Värmlands Folkblad:
Qbik 750 000 kronor back - hotas av kris

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