FC Tokyo finished 4th in the Meiji Yasuda J1 Century Vision League. In the Regional League Ground EAST Group, they closely pursued the top-ranked Kashima Antlers but fell short of the pre-season goal of winning the championship. However, under the leadership of Rikizo MATSUHASHI, now in his second year as head coach, the team developed a diverse offensive capability and showcased an attractive style of play both offensively and defensively. It was a fulfilling half-season that raised expectations for the 2026/27 season.
In the 2025 fiscal year financial results, annual sales reached a record high of 7.21 billion yen. Amid showing steadily rising achievements on the business side, the resignation of President Shigeya Kawagishi was announced effective July 1. This time, we conducted an interview summarizing his approximately four and a half years in office since February 2022. In this first part, we asked about the management situation in 2025 and the half-season battles.
Interview and composition by Yuji Matsuoka (Chunichi Sports)
──I believe many fans and supporters were surprised by the announcement of your resignation on May 28. First, please tell us about the circumstances leading to your resignation and how you have come to terms with it.
"Personally, I had intended to continue a bit longer. We announced the relocation of the training ground, and the plan was to start using it about two years later, at which time we were scheduled to have a ribbon-cutting ceremony to celebrate the opening. However, MIXI, Inc. approached me with a request to take on this project, and after repeated discussions, it was decided to make this transition at this timing. Even for myself, it is with some reluctance. There were still many things in progress and many things I wanted to do going forward, but since this was decided through discussions, I have accepted it."
──You assumed the presidency amid the lingering impact of the COVID-19 pandemic. It was a major shift to the MIXI, Inc. group structure. I imagine it was a difficult course to steer.
“MIXI, Inc. was advancing its sports business and was already managing the B.League’s Chiba Jets. We were also involved with FC Tokyo as a main partner, and I joined that effort, taking charge of this project. Around 2021, right in the midst of the pandemic, I wrote a management plan to develop the club into one befitting the capital and discussed it with Tokyo Gas. Being able to shake hands with Tokyo Gas on the business plan I wrote made me feel like I had received an important baton, and I committed myself to the project with that mindset.
I have heard that under the management centered around Tokyo Gas, the aim was to shape the club as a community club supported by many shareholders. However, amid the impact of the COVID-19 pandemic, there were concerns that this management structure might not be able to overcome the challenges, which led to handing over the baton to MIXI, Inc. At the same time, it was also important to consider how to embrace the club’s long history and spirit dating back to the Tokyo Gas Soccer Club era. In that sense, we have proceeded while placing great importance on relationships with various partner companies and local governments, led by Tokyo Gas. Rather than focusing on what MIXI wants to do, I believe the past four and a half years were spent with the perspective of what can be done for FC Tokyo and how to move forward together with those who have supported us so far. Whether I have fulfilled my role as president is not for me to judge, but as the first president after the change in management structure, I believe I was at least able to pave the way.
──There has been remarkable growth on the business side. The financial report for fiscal year 2025 shows record-high sales.
“Sales reached 7.2 billion yen, expenses were 7.1 billion yen, and the profit was just under 100 million yen, but we managed to finish with a profit for the second consecutive year. Starting from mid-4 billion yen sales in 2022, including the downturn caused by the COVID-19 pandemic, I believe we were able to achieve solid growth. However, I also recognize that the pace of sales growth has somewhat slowed down.
Regarding expenditures, a major topic was the large-scale reinforcement made last summer despite the team’s difficult situation. The reality is that the increase in expenses was mostly due to the team’s personnel costs resulting from this significant reinforcement. The initial budget was planned to break even, and we proceeded after confirming with MIXI, Inc. that this reinforcement might lead to a substantial deficit. As a result, through sales efforts and cost control, we were able to cover the summer reinforcement costs without receiving additional support from MIXI.
──I would like to ask about the efforts in sales and cost control section by section. First, how was the overall impression?
“Over the past four and a half years, each business segment has grown quite steadily. However, as I mentioned earlier, considering the current club’s capabilities and brand value, it is becoming difficult to continue growing in a straight line, and I believe signs of this are starting to show. Compared to last year, some businesses have plateaued. As noted in previous management reports, I think going forward, growth driven by football performance will be necessary.”
──Looking at the breakdown of the numbers, there was a significant impact from advertising revenue. Could you tell us the reason for this?
"Advertising revenue reached 3.22 billion yen, and I believe it was a major driving force. As a highlight, Keio Corporation and JAL joined us as big partners. We also finalized a long-term contract again with New Balance, with whom we have built a good relationship, and their very strong support was a significant factor. Additionally, several new partners joined, which helped raise the overall baseline of advertising revenue and greatly increased it. Every year, we work on improving programs and services for our partners to enhance their satisfaction.
Additionally, I consider it a major topic that Keio Corporation has joined as a core company. Keio Corporation is also a uniform partner, and with the idea of 'advancing together including management,' they have dispatched an executive from this year and are participating in management. They have become a very important partner for FC Tokyo, so we hope to build a long-term, good relationship.
──On the other hand, ticket revenue did not see significant growth. How do you analyze the reasons for this?
“Ticket revenue remained flat at 1.44 billion yen, the same level as the previous fiscal year. Early in the season, poor weather had an impact, and there was also one fewer match held at the Japan National Stadium compared to fiscal 2024, which I believe was a significant factor. Additionally, the team’s poor performance affected attendance, preventing us from increasing the number of spectators. I also think that the difficulty in securing wins at our home ground, Ajinomoto Stadium, had an influence.”
However, we are constantly rebalancing ticket prices, and we see that the U-12 ticket initiatives are effective. This is evident in the scenery at the stadium as well as in the actual data, which shows that we have been able to keep the average age of fans and supporters down. This is exactly as intended. Of course, we must always cultivate new demographics, but what will become important going forward is how many times people come to the stadium. In this regard, we plan to strengthen repeat visitor initiatives by increasing the benefits such as those offered through the OFFICIAL MEMBERSHIP, encouraging fans to visit the stadium more frequently.
──Regarding the steadily growing merchandise revenue, what kind of initiatives do you think have had an impact?
“As for merchandise revenue, since we changed the accounting method, a simple numerical comparison is not possible, but according to our calculations, it has increased by about 10% to 720 million yen. The change of our stadium sales partner the year before last allowed us to enhance our stores, and I believe this effect is clearly reflected in the numbers. The aggressive efforts in uniform sales, despite carrying considerable inventory risk, have also yielded results, with sales volume roughly doubling compared to before the COVID-19 pandemic. In fact, I feel that the visible rate of wearing the blue and red uniforms at the stadium has noticeably increased, which makes me very happy.”
However, in relation to the preseason match against Borussia Dortmund on August 1, when we exchanged information with them about uniform sales, we were surprised to find that their sales figures were an order of magnitude different, which made us keenly aware that the world is engaged in a completely different level of competition.
──The school business is being expanded sequentially. What are your aims and future outlook?
“The school is also steadily expanding. Since I took charge of FC Tokyo’s management, I have been paying considerable attention to the school business. Previously, the number of schools and students was on a declining trend, but I believe the past four and a half years have reversed that and shifted it to an expansion trend. In 2025, new schools opened in Karasuyama and Kunitachi City, and in 2026, new schools opened in Minamisuna and Kamata. With six new schools opened over four years, the number of students has greatly increased.”
Of course, we also feel the impact of the declining birthrate in Tokyo. We have noticed a somewhat weak response in the Kindergarten class (pre-school class), so we are expanding the school while taking measures such as opening classes for adults. The elementary school classes are steadily increasing, so I believe we need to consider the business model in line with overall population trends, and we are strategizing on "which areas to target" for each municipality. In doing so, we look at the population distribution of elementary school-aged children in each area. Additionally, we analyze what kind of competition exists while checking the business potential and feasibility. In recent years, we have started efforts to open schools within the 23 wards, which was originally a management challenge, and I believe the fact that we were able to open schools in Minamisuna in the eastern area and Kamata in the southern area this year is a reflection of that.
We consider the school students as members of the FC Tokyo family, and the schools themselves as blue and red hubs for promoting FC Tokyo. Since there are still many areas where we have not established locations, we intend to continue actively opening new schools.
──The income from transfer-related penalties (transfer fees) continued to have an impact following the previous fiscal year. What are your impressions?
“Regarding transfer fee income, it was 600 million yen last year and became 500 million yen this time. Including Taishi Brandon NOZAWA (Royal Antwerp FC) and Seiji KIMURA (KVC Westerlo), we were able to generate the figure of 500 million yen. This ultimately allowed us to allocate it to the summer reinforcement budget, which, as I mentioned earlier, meant we did not need to receive additional support from MIXI, Inc. In recent years, we have been able to secure transfer fees at the level of several hundred million yen, and the current strengthening department is diligently working on assessing player value and timing to convert that into transfer fees, so I evaluate this as a result of those efforts.”
However, there is potential to sell for a higher price. This is an issue for the entire J.League, and the reality is that clubs often set transfer fees quite low during negotiations when acquiring players, and we are somewhat influenced by this as well. The most ideal approach is not to set a fixed transfer fee but to decide through negotiations each time. This is common in Europe, but it has not become the standard in Japan. I believe the club is doing what it can, but unless the league as a whole addresses this, I feel that a future where a single transfer reaches figures like 2 billion yen will not come soon.
──We are also actively engaged in event management such as yoga and BBQ. How do you evaluate the results here? “We are leveraging the strengths and know-how gained from managing matches as events, and in collaboration with Ajinomoto Stadium, we have been working on new types of events. Last year, we ventured into new areas like running events, yoga, and barbecues, which attracted over 1,000 participants. Many FC Tokyo fans and supporters attended, but at the same time, we also encountered many new people. Especially at the yoga events, there were few existing fans or supporters; over 80% were newcomers. We strongly felt that creating these kinds of real-life touchpoints is an excellent way to introduce FC Tokyo to new people, so we want to continue challenging ourselves in this area.”
Regarding past initiatives, we have collaborated with ISEKADO (Isekadoya Brewery) to develop the 'Pale Ale,' which we have placed in Aeon and Keio Store locations to create opportunities for people to encounter FC Tokyo in their daily lives. This event is also effective as an approach to new customer segments, so we want to continuously create such points of contact.
──We would also like to ask about the Meiji Yasuda J1 Century Vision League. This special tournament must have been a six-month period that provided a sense of progress both in business and football.
“Since a few years ago when we discussed the season transition, we have had various discussions with each club about the format and positioning of this tournament. The presidents of each club were also concerned about the business side, with some fearing that the clubs might become insolvent due to deficits. Among the J1 clubs, it is true that there were concerns about season ticket holders dropping off and sponsors withdrawing during this six-month period.”
However, the J.League also created a great deal of excitement, and while FC Tokyo had prepared for a significant deficit, we were able to greatly reduce it and now see the possibility of turning a profit. One of the biggest factors was that fans, supporters, and partners accepted the special tournament just like a regular league competition. Without relegation, there would be no tension unless the team was competing for the championship until the very end. From before the season started, we firmly set the goal of winning the title. Although we did not achieve the championship, FC Tokyo was able to maintain a tense and competitive battle until the end, keeping the spirits of everyone involved with the club tightly wound and allowing us to spend a time full of high energy. Being driven by football also had a positive impact on the business side. Despite having planned for a considerable deficit, ticket revenue greatly exceeded expectations, and thanks to the hard work of the sales team, the club’s earnings saw a positive effect.
──The football and competitive aspects have steadily shown results. Please tell us the reasons why the team has grown and improved.
"I believe that Rikizo MATSUHASHI, the coach whose contract extension was recently announced, has been fostering the team's growth in a positive way. Of course, in terms of team composition, being able to convert Marcelo RYAN and Motoki NAGAKURA to permanent transfers and acquiring players that Coach Matsuhashi can easily envision has also been a significant factor."
In line with the club's concept, I believe we were able to demonstrate 'taking initiative in both offense and defense' in quite a few matches. The goals scored from high pressing and counterattacks left a strong impression, but upon closer look, there were also many scenes where goals were scored through build-up play. We launched various attacks such as short counters and long counters, and I feel the patterns of approaching the opponent’s goal have increased. Compared to last season, when we often got caught by the opponent’s press during build-up, the team has shown significant maturity. The fact that the gap between high expected goals and low expected goals conceded was the number one among all 20 J1 League teams suggests that, objectively, we were playing good football. The number of shots truly increased, and there were many situations where it was just a matter of finishing. I believe this is the difference from the Kashima Antlers, who finished first in the EAST group, so this point will be a challenge for the team going forward.
Even when talking with the players, we hear comments like, 'We can play without stress' and 'We are working with confidence,' and I feel that the direction the team is heading is not wrong. The style of football we are currently playing is maturing, and I believe the players are approaching it with confidence. Looking ahead to the 2026/27 season, after confirming with the new president, we have decided to extend Coach Matsuhashi’s contract, so we want to continue pursuing the team’s concept.
Last summer and this winter, there were significant moves in team composition and strengthening, but since the team's key concept basically remains unchanged, there will not be a major overhaul of players for the new season. While maintaining the necessary players, we plan to make pinpoint reinforcements to further mature the team, so we hope everyone will look forward to the 2026/27 season as well.
──Please tell us specifically about the management side of the special tournament. It was mentioned a little earlier, but was there tough juggling on the business side?
"To be honest, we regarded this as a tough season from a business perspective, thinking we had to somehow hold on and endure for the future. We had actually budgeted for a deficit of about 300 million yen, but in reality, the deficit was significantly reduced, and there is even a possibility of a surplus. This is truly thanks to the hard work of the business side. The clear declaration that we were aiming for the championship was a major factor in our positioning as a football club. Considering last season's situation, we felt that it would be difficult unless we made significant moves at the start of the season rather than waiting until things got tough during the season. We positioned this season as one to deliver results by setting the maximum budget possible while listening to Coach Matsuhashi’s requests so he could fully demonstrate his abilities. Although we did not reach the championship, I believe it was a season that gave the club a strong sense of achievement."
──It seemed that the team grew day by day, aiming to become a team worthy of winning the championship. As the president, how did you feel about this?
“When competing in the middle ranks, the word ‘championship’ probably just slips by. The feeling of whether the title is within reach or not is completely different, and this year, while fighting, everyone felt that ‘it seems within reach.’ I believe the players were able to say the phrase ‘aiming for the championship’ sincerely, not just as a formality. This is quite important. In the special tournament, all the players fought with the genuine feeling that they could win the championship. I have the impression that the sense of confidence and the strength and weight of those words gradually grew larger.”
──What specific outlook do you have for the 2026/27 season?
“It will be the first year after the season transition, and the J.League itself will have a very motivated season. FC Tokyo also wants to successfully carry on the momentum from the special tournament and sprint forward. Of course, the new season will proceed under a new president, but there are a few things I would like to share from my perspective.
I have always believed that it is necessary to run football and business as two wheels working together. However, over the past four and a half years, while the business side has been functioning, it is true that the football side has not been running smoothly. I hope the new season will be one where the football wheel turns strongly, and it should be a decisive year for the club. Since the wheel has gained torque during the special tournament, I hope everyone will enjoy a season where we can push forward even further from here.
Also, before the start of the new season, there will be a preseason match against Borussia Dortmund from the Bundesliga 1 (Germany). This is a major challenge hosted by FC Tokyo. Since it is an international friendly match, there are many considerations compared to regular J.League official matches, and we are taking risks in the business plan as well, so we hope you will purchase tickets and come to watch. Through exchanges with high-level overseas clubs, we feel the professional aspects and it has become a valuable learning opportunity for the club. Of course, we want the event to be successful, but we also feel that this experience itself will be beneficial for the club.
──The 'U-21 J.League' is also starting. What is the club’s policy regarding this?
“FC Tokyo has won the Best Development Club Award a record five times, and we feel that being the number one academy is part of the club’s identity. The number of homegrown players is also the highest in the J.League, which is a strength of FC Tokyo. Regarding the challenge that young players cannot immediately get game time when promoted to the top team, we see the 'U-21 J.League' as the last piece of the puzzle. It will allow us to provide growth opportunities in-house without having to send players on loan to other clubs to gain experience. This initiative is fundamental to strengthening the team, and the club absolutely wants to make it a success to continue consistently earning transfer fees in the future. We also want to work together with the league to make it a success.”
The U-21 J.League is positioned not as a practice match but as a professional league. All match footage will be streamed, and spectators will be admitted to the venues for a fee. FC Tokyo is coordinating to hold matches at multiple stadiums within Tokyo, so we believe we can deliver the dynamic performances of the Blue-Red warriors across various areas of the city. In terms of player composition, there will be coordination with the top team, so many players are expected to play overlapping roles. We will form the team by carrying a slightly larger squad, focusing on giving playing opportunities to young players with fewer appearances, and allowing promising U-18 players to make an early debut in the U-21 J.League.”
──What is the progress on the training ground relocation announced last summer?
“Regarding the training ground relocation, we have been holding repeated discussions with Chofu City. If all goes well, construction will begin during this season. However, the situation in Iran is also affecting construction costs, and we are also concerned about the Chofu mayoral election to be held on Sunday, July 5. This election might determine FC Tokyo’s future, so we ask all Blue-Red supporters to aim for a 100% voter turnout.”
◇Previous Management Reports Are Here
2025 Season Summary: Accumulated Achievements and Challenges (Part 1)
2025 Season Summary: Accumulated Achievements and Challenges (Part 2)
2024 Fiscal Year Financial Report and Club Status (Part 1)
2024 Fiscal Year Financial Report and Club Status (Part 2)
2024 Season Summary: Business and Football (Part 1)
2024 Season Summary: Business and Football (Part 2)
2023 Fiscal Year Financial Report and Club Status (Part 1)
2023 Fiscal Year Financial Report and Club Status (Part 2)
