The 3 SADs show liquidity difficulties, with negative working funds, affecting treasury management.
The profits of the Big 3 of Portuguese football reached an all-time high in the 2024/25 season: 94 million euros between the SADs of Benfica, Sporting and Porto.
The revenue obtained from the sale of players was crucial to the result: 291 million, accounting for 35% of the income of these SADs.
Below are UEFA’s competition revenues: 139 million, accounting for 17% of total income, according to the analysis carried out by Maxyield – Clube dos Pequenos Acionistas.
Overall, revenues reached 820 million euros, a new annual maximum as well: Benfica with 39% of the total, Sporting with 30% and Porto with 30%.
In terms of operating costs, these reached 657 million, with Benfica representing 41%, followed by Sporting with 31% and Porto with 28%.
“Benfica SAD and Sporting SAD are on an increasing trajectory of operating costs” with Porto SAD reversing the trend of cost growth in the “last 2 seasons, moving from 2nd place to 3rd place in this ranking”, according to Maxyield.
Last season, Sporting surpassed Benfica in terms of player acquisition values. “The weight of the athlete squad in total assets is lower in Benfica SAD and Porto SAD, being close to 25% and showing a slightly decreasing trend”, with Sporting registering a weight of more than 30%.
In terms of financial charges (interest), Porto SAD recorded the highest value (30 million), followed by Sporting (25 million) and Benfica (13 million).
Last season, both Benfica and Porto reversed the increasing trajectory of their liabilities in previous sports seasons, with Sporting maintaining the increasing trajectory of liabilities.
At Sporting, liabilities are on top of assets, which translates into “weak financial autonomy”. Porto, on the other hand, has liabilities greater than its assets, “with a relevant impact on its degraded financial autonomy (own capital/assets)”. Benfica lives more comfortably, with financial autonomy of 20%.
“All SADs show liquidity difficulties, with negative working funds. This situation affects treasury management, but it is quite different both in amounts and in evolutionary terms”, concludes Maxyield.
Benfica has assets of 121 million, compared to liabilities of 249 million, with a working capital of -128 million. Porto has assets of 153 million, liabilities of 184 million and a working capital of -31 million. Sporting has assets of 93 million, liabilities of 176 million and a working capital of -83 million.
“The evolution of Benfica SAD stands out negatively, due to the deterioration in liquidity. Porto SAD reversed the negative trajectory following the consolidation of current liabilities and an increase in permanent capital. Sporting SAD presents a downward evolution”, he adds.
The Clube dos Pequenos Acionistas highlights that the SADs of the Big 3 “use the capital market only to raise bond loans, taking advantage of the more favorable conditions applied to companies listed on regulated markets. Bond loans have been oriented towards the amortization of previous issues and reinforcement of treasury”
“Despite the reduced exposure of the banking system to the football industry, these SADs show strong inhibition in using the capital market to reinforce their own capital and gain financial autonomy”, he concludes.
