Kolstad’s complicated finances – problems already in 2022

Magnus Abelvik Rod. Photo: Ludvig Thunman/Bildbyrån.

Kolstad HB signed some great players from Norway in part-and-minute last season and more are on the way. At the same time, the budget is stretched and the CL team have reported pay cuts according to reports in recent days. Financial problems also existed last year, inform VG.

The latest spin around Kolstad’s funding makes it clear that club CEO Jostein Sivertsen had to take out a special loan at the end of 2022.

– When I saw that it was financially demanding before Christmas, I decided to ask my parents for a responsible loan, both to secure liquidity and to avoid being in the red zone, explains Sivertsen to TB.

The red zone described by Sivertsen is the Norwegian Handball Association’s requirement for positive equity in clubs. This indicated a deficit when Sivertsen obtained the loan from a company run by his parents.

– I am incredibly grateful that they wanted to stand up. The two million put us on the right side, he continues to TB.

Shortly after Kolstad received a wild card for the Autumn Champions League, negative headlines emerged about rampant wage costs and declining sponsorship revenue. For now, the ball is in the hands of the players regarding pay cuts for superstars like Sander Sagosen and Magnus Abelvik Rød.


Michael Wilding

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