Eindhoven football club PSV has reported a multi-million euro loss for the second consecutive year.

The Premier League club closed the 2010-2011 fiscal year with a 15.5 million euro loss. The club closed the previous fiscal year with a 17,5 million euro loss.

During the presentation of its annual figures, PSV management said the figures were actually slightly better than the expected 20 million euro loss.

The recently concluded lucrative deal between PSV and the Eindhoven council, in which it sold the land beneath its stadium to the Eindhoven council for 48.8 million euros, is not included in the figures for the 2010-2011 fiscal year. PSV will pay the council an annual ground rent for the use of the land.

(gsh/imm)

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