THE ETERNALS ON THE BRINK OF COLLAPSE, YET THEY TOOK MILLIONS FROM THE BUDGET: Partizan and Crvena zvezda spent over 180 million euros in five years!

In the new edition of the weekly magazine “Radar”, an investigation by author Nataša Korlat was published regarding the total amount of money that the basketball clubs Crvena zvezda and Partizan received from the state of Serbia, the City of Belgrade, and the largest state-owned companies and banks, via Telekom and Dunav osiguranje to Poštanska štedionica.

“Last year alone, they spent 37 million on the salaries of players, coaching staff members, and employees,” writes “Radar” and notes the sums that were also published in the Sport klub investigation:

“Despite this, Zvezda is in the red by 4.6 million, Partizan is in the black by 3,200 euros, but only on paper”.

If we look at the bigger picture…

“Basketball clubs Crvena zvezda and Partizan spent more than 180 million euros in five years, and the best result achieved in that period was Partizan’s placement in the EuroLeague quarterfinals, only for a major slump to follow. Despite huge allocations, which the leading clubs in the region can only dream about, Zvezda finished last year with a loss of around 4.6 million euros. On the other hand, at the end of 2025, Partizan was still paying off a loan for tax debt, and that was with money from sponsors,” writes Nataša Korlat.

Zvezda’s loss increased by 170 percent

“Crvena zvezda’s costs in 2025 were huge, so much so that it ended the year in the red by 540.3 million dinars or about 4.6 million euros. Official data shows that last year its loss was about 170 percent higher than in 2024, when it amounted to 198.1 million dinars or about 1.7 million euros. The club from Mali Kalemegdan had huge revenues in both 2025 and 2024. According to data from financial statements, around 2.5 billion dinars or about 21.4 million euros poured into Zvezda’s coffers in 2025, and a year earlier the budget was larger and amounted to about 2.7 billion dinars or about 23.4 million euros,” writes “Radar”.

“Money was coming from various sides. True, official documentation does not reveal much. It says that revenues from premiums, subsidies, grants, and donations in the past year amounted to about 12 million euros, while slightly less, about 10.3 million euros, was earned on this basis in 2024. It is not known whether the entire amount came from the state and city budgets via the Basketball Federation of Serbia, which serves as a flow-through water heater to pay money from the budget reserve to the Belgrade basketball clubs. Part of the revenue was also secured through a short-term loan of about four million euros and sponsorship agreements with Telekom and Meridian. The financial statement states that sponsorship agreements with Telekom of about 236 million dinars or about two million euros and Meridian in the total amount of about five million euros were pledges for loans with AIK Bank.”

Loans with “Alta Bank”

“The available documentation also mentions a guarantee from Davor Macura’s Alta Bank, worth 550 million dinars or about 4.7 million euros, but it is not known what it serves, that is, for what purposes it was given. A long-term liability of about 200.7 million dinars or about 1.7 million euros is also mentioned, but it is not known whether this is another loan,” writes “Radar” in the new issue that has been on the newsstands since this morning.

“On the official website of that basketball club, it can be seen that its sponsors are Banka Poštanska štedionica and Dunav osiguranje, but Zvezda’s financial statements do not show how much money they allocate for the club from Mali Kalemegdan. This data is not present in the reports of Poštanska štedionica, nor Dunav osiguranje. Despite large revenues, Zvezda’s problem is that its costs are even higher. Its income statement for 2025 shows that expenses amounted to about 25 million euros, and in 2024 about 23.6 million”.

The author points out that the largest part of the money went on salaries.

“The largest part of the money went on salaries. Costs of earnings, compensation of earnings, and other personal expenses in 2025 amounted to about 19.9 million euros, and out of that amount, about 19.2 million euros was spent on compensations to physical persons based on other contracts, which could be treated as professional contracts. So, that much went on the salaries of players and the coaching staff in 2025, while a year earlier, about 16 million euros was spent on this basis”.

For the end…

“Data from financial statements show that Zvezda has spent about 91.7 million euros in the last five years. In addition to expenses, this figure also includes long-term liabilities, which are yet to come due for payment, as well as a short-term loan”.

“Radar” states that it requested an answer from Crvena zvezda on how much money Zvezda received from the state, but also from state-owned companies.

“Dear, the questions you are asking me mostly apply to the period in which I was not the president. Also, with all due respect, your questions suggest and already partially give answers. Please contact the club’s PR Igor Vujičin for all questions, who will be at your disposal for all questions in the future. Warm regards!”, read the answer from President Drčelić.

The Black-and-Whites pay off tax debt with sponsorship money
“Compared to Crvena zvezda, KK Partizan spent slightly less money over the last five years, around 90.3 million euros. However, last year, compared to its eternal rival, both revenues and expenses were higher, and formally there was no loss. Partizan’s coffers were in the black by 370,000 dinars or by about 3,200 euros, and a year earlier the net profit amounted to 226,000 dinars or about 1,931 euros”, states “Radar”.

“During 2025, 2.8 billion dinars or about 24 million euros poured into the coffers of the club from Humska, and in 2024, 2.7 billion dinars or about 23.6 million euros, which is also more than in the case of Crvena zvezda. However, revenues from donations, grants, and subsidies are much smaller. Last year, about 504.4 million dinars or 4.3 million euros poured into Partizan on this basis, and a year earlier 682.8 million dinars or about 5.8 million euros. The financial statement also states that the club generates revenues paid by donors, then by the Basketball Federation of Serbia or the City Assembly, and that it also has revenues from grants of international basketball organizations, as well as from various membership fees”, states colleague Nataša Korlat and notes:

“There are no more details”.

The expenses of the Black-and-Whites are only growing…

Among the state-owned companies that sponsor Partizan is Telekom Srbija, and Naftna industrija Srbije, in which the state is a minority owner, is also registered among the sponsors. With how much money they help the club is not stated. However, that money is practically pledged.

“Namely, the official documentation states that long-term and short-term liabilities (debt that should be paid off in the coming period) amount to about 3.3 million euros, and that the largest part of these liabilities relates to the discounting of a sponsorship contract that was realized for the purpose of paying off the entire tax debt in October 2024. This should mean that Partizan took funds to pay off the tax debt, and that it is paying off that loan thanks to sponsorship contracts. In October 2024, Ostoja Mijailović announced that Partizan had settled the entire tax debt of 702 million dinars or about six million euros,” the text states and continues:

“When it comes to expenses, last year they amounted to about 24 million euros, and a year earlier 23.6 million. In Partizan’s case as well, most of the money went to earnings and salary costs. In 2025, about 17 million euros was spent for these purposes, while in 2024 these costs amounted to about 15.4 million. In addition to long-term liabilities related to loan repayments due to tax debt, the financial statement states that there are unpaid gross earnings of players and members of the coaching staff, as well as sports agents. As stated, the mentioned liabilities in the amount of about 3.1 million euros were still unmatured as of December 31, 2025, and were paid during this year, when they also matured for payment”.

“By the way, the biggest difference in the money spent by Partizan was made in 2023, when 21 million euros poured into the club’s coffers. Just a year earlier, the club’s revenues were lower by as much as 12.4 million euros and amounted to ‘only’ 8.6 million euros. When all expenses and long-term and short-term liabilities that need to be paid in the coming period are added up, it turns out that Partizan spent 90.3 million euros in five years,” states the author and notes that the doors remained closed at Partizan as well.

“On this occasion, through Partizan’s PR, we tried to hear from the club’s president Ostoja Mijailović his assessment of the results achieved, the budget at the club’s disposal, as well as the amounts that Partizan received from the state and state companies, but he did not wish to speak on that topic,” writes author Nataša Korlat.