$1+ Billion Spent On Hungarian Soccer Since 2011 - Yet National Team Keeps Losing

  • 13 Mar 2018 9:53 AM
  • The Budapest Beacon
$1+ Billion Spent On Hungarian Soccer Since 2011 - Yet National Team Keeps Losing
Much of the HUF 66 billion spent by the Hungarian Soccer Association (MLSZ) since 2013 originated from Hungary’s largest bank, the OTP (National Savings Bank), according to its CEO, MLSZ president Sándor Csányi, presumably in the form of fully tax-deductible tao contributions.

In an interview given to online financial daily Világgazdaság the OTP head said that since 2011, in addition to the HUF 66 billion (USD 265 million) spent by MLSZ, soccer clubs have been allotted some HUF 196.7 billion (USD 786.8 million).

Csányi told Világgazdaság that since 2010 more than 110 new soccer fields had been built and another 1,500 renovated. He said that during this time the number of soccer players had doubled to nearly 270,000, and the number of soccer teams had increased by half to some 12,000.

He said Budapest’s new Puskás Stadium would be completed by fall of 2019.

“I know that there is an eternal argument over the stadium projects, but it is important to know that for the previous 50 years we spent nothing on new soccer facilities,” Csányi said. “In Budapest alone nearly 200 soccer fields disappeared. There were no stadiums meeting UEFA requirements.

Today there are many that do. Perhaps it seems to many that an unbelievable number of soccer areas have opened their gates in under a few years, but the amount spent on them should be retroactively allocated over the previous half century,” said the MLSZ president, who, along with the rest of the OTP leadership, sold off all 10,000 shares in OTP in 2013.

The following year he exercised an option to purchase additional shares in the bank, which he promptly resold for a profit.

Photo: Hungarian Football Federation

Related links

Improved Hungary Slip To Single-Goal Loss Against Scotland

Scottish Football Fans Raise Funds For Budapest Nursery

Leekens Names Extended Squad For Upcoming Kazakhstan & Scotland Matches

  • How does this content make you feel?

XpatLoop Media Partner

The Budapest Beacon

This online English language news outlet specialises in Hungarian current affairs, with a rather anti-govt stance. Publishing regularly since 2013, they have also released podcasts and videos, always with a committed to fact-based reporting about what is really happening in Hungary.

Explore More Reports

  • Hungarian Football: A Look Back At The Year 2020

    Hungarian Football: A Look Back At The Year 2020

    • 5 Jan 2021 10:42 AM

    It has been a tumultuous year but in many ways an ultimately successful one for Hungarian football, the biggest prize of UEFA Euro 2020 qualification being secured at the final opportunity. Here we round up the most important moments of 2020.

  • Kalmár Keeps Hungary In Hunt For Top Spot

    Kalmár Keeps Hungary In Hunt For Top Spot

    • 16 Nov 2020 8:06 AM

    Zsolt Kalmár was Hungary's saviour as his equalising goal cancelled out Nemanja Radonjic's superb run and finish, thus securing his team a point from their penultimate Nations League qualifying fixture against Serbia in the Puskás Aréna on Sunday evening.