No wonder they aren't sponsoring a team any more....

DavidBelcher
DavidBelcher Posts: 2,684
edited August 2008 in Pro race
It's not often I read the Times business pages, but did spot a snippet today stating that Credit Agricole (the bank, obviously) had a 94% drop in profits over the last 12 months! No doubt they feel that doing away with luxuries such as sponsoring pro cycling squads are as good a start as any for a cost-cutting drive.

David
"It is not enough merely to win; others must lose." - Gore Vidal

Comments

  • Kléber
    Kléber Posts: 6,842
    They took the decision long before the profits vanished but you are right, the whole of Europe is sinking into a recession and it's going to be a very hard time being a below-average pro cyclist.
  • nolf
    nolf Posts: 1,287
    Well we may just slip into 2 quarters of succesive negative growth in GDP, but I don't think the "recessionistas" are correct in saying that the whole of Europe/US is going down. Mervyn King in his inflation rate report August estimated that GDP growth would be flat over the next year as the economy re-adjusts to higher energy prices, but after that the economy should fall back to it's base growth rate of around 2%.

    A 94% drop in profits means they are still net profitable, depending on the profit calculation used. So it's not that bad. I feel more sorry for Merill Lynch who have managed to make the last 18 months losses equal a quarter of their net profit in the 34 years they've been a public limited company.
    "I hold it true, what'er befall;
    I feel it, when I sorrow most;
    'Tis better to have loved and lost;
    Than never to have loved at all."

    Alfred Tennyson
  • iainf72
    iainf72 Posts: 15,784
    Also, Credit Agricole are still involved in cycling via their sponsorship of the Tour with their LCL brand.

    They took massive writedowns earlier this year (€6.5bn) and are not making a huge loss so they're in pretty good shape.
    Fckin' Quintana … that creep can roll, man.

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