Legia kick-off new season on firm financial ground

The famous Warsaw football team, Legia, who were runners-up in this year's national championships, start the season without financial worries because in a fortnight their capital will be increased by up to zł.12 million. A new share issue will be taken over by a media holding ITI that bought 80% of Legia's shares from Polmot Holding in April. Since then the team has repaid most of its liabilities or managed to negotiate postponement as ITI immediately capitalized it with zł.25 million, but it is still a warm-up before Legia is turned into a powerful team and an integral part of the ITI empire. In the first half of the year Legia's income was $ 1.64 million but its EBIDTA shown a loss of $ 0.93 million. "We are going to amend our financial standing in the second half of the year. We will manage to level income with spending by fall but still we will close this year with a slight loss. We plan to post a profit next year," said Legia's president Piotr Zygo. (Puls Biznesu, p. 6) D.W.