Paxtakor Football Club Posts Over 50 Billion UZS Loss in 2025 Amid Strategic Transition
Despite finishing second in the league, Paxtakor recorded significant financial losses and increasing tax debt in 2025, raising questions about its management and future strategy.
Paxtakor Football Club, one of Uzbekistan's most decorated teams, reported a net loss exceeding 50 billion Uzbek soms in 2025, signaling a challenging period for the club amid ongoing strategic and financial adjustments.
Financial Overview and Strategic Implications
According to the club's 2025 financial statement, Paxtakor generated total revenues of approximately 79 billion soms, combining 15.3 billion soms from core activities and an additional 63.6 billion soms from other income sources. However, its expenses soared to 128.9 billion soms, resulting in a net loss of 50.8 billion soms for the year.
In stark contrast, the club had closed 2024 with a net profit of 36.9 billion soms, marking its first profitable year in many years. The sharp reversal in 2025 highlights significant pressures on Paxtakor’s operational and financial management.
"The 2025 losses underscore the critical need for Paxtakor to adapt to the evolving financial landscape and pursue sustainable revenue streams beyond state support."
Adding to the club’s financial strain, Paxtakor faces a tax debt of 17.1 billion soms despite paying nearly 11 billion soms in taxes during 2025. This growing tax liability could affect the club’s capacity to invest in player acquisitions, infrastructure, and youth development.
Ownership, Management, and Market Position
Paxtakor is currently 100% owned by the Tashkent city administration, with former mayor and entrepreneur Jahongir Ortiqxo‘jayev serving as club chairman. Early in 2024, the State Assets Management Agency announced plans to sell the club, though no official updates on the privatization process have been disclosed since.
Ortiqxo‘jayev has publicly expressed his commitment to developing Paxtakor but rejected paying even one dollar to acquire the club and its stadium outright, signaling possible complications in the privatization strategy.
On the competitive front, Paxtakor secured second place in the Uzbek Super League in 2025 with 60 points, following their championship-winning season in 2023. Maintaining sporting success amid financial difficulties remains a critical challenge for the club’s management.
Future Outlook and Financial Sustainability
Starting in 2026, Uzbek Super League clubs, including Paxtakor, will receive reduced state funding as part of a phased plan to encourage financial independence. Annual subsidies are set at 35 billion soms per club in 2026, decreasing to 30 billion soms in 2027 and 25 billion soms in 2028.
This policy shift aims to incentivize clubs to develop diversified revenue sources such as sponsorships, merchandising, and commercial activities. For Paxtakor, successfully executing this strategic transition will be vital for restoring financial health and competitive viability.
Industry observers note that effective management decisions, clearer privatization pathways, and enhanced corporate governance will be essential for navigating this period of transformation.
