Before Christmas, the Italian-American businessman has repaid the losses of Neep holding, the company that owns 78% of the Giallorossi. On this occasion, he also made a payment on behalf of Neep’s future capital increase.
This financial transaction has been necessary because the company has high management costs compared to revenues.
According to the Italian outlet ‘ Il Messaggero’, on December 22, 2017, the ordinary meeting of Neep holding took place in Rome. Pallotta was connected in audio-conference. In that occasion, the lawyer and general director of Roma Mauro Baldissoni was also the chairman of the meeting. Firstly, he illustrated the separate financial statements highlighting a red of 110.4 million euro, positive equity of 230.2m euro (160.3m on June 30, 2016), an increase of 69.9m euro.
Therefore, Pallotta made a free loan to get Neep back on track. The money can turn into a capital increase of the company and possibly later into a new recapitalization of the Roma football club. This is going to be the natural process in the case the club will not be able to sell one of its jewels by June 30, 2018.
The Neep group closed its financial accounts with a loss of 35.6 million euro. According to the separate financial statements of the holding company, the operating costs exceeded revenues. Administrative and general expenses approximately amounted to 169,000 euros for reimbursement of expenses, social security contributions, professional services, consultancy, miscellaneous expenses, and emoluments.