Corinthians’ July accounts show club deficit up 71% this year

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Central do Timão

·10. Oktober 2025

Corinthians’ July accounts show club deficit up 71% this year

By Daniel Keppler / Central do Timão Editorial Team

Corinthians' accounts registered a worsening in July, according to numbers from the monthly balance sheet for the month, released by the club on its official website. The accumulated deficit in the first seven months of the year, including revenues and expenses from football and the social club, went from R$ 60.2 million to R$ 103.1 million – a 71% increase in just one month.

The accumulated numbers worsened in both segments of the Alvinegro. Analyzing only the football data, the document shows that the balance between revenues and expenses went from a surplus of R$ 35.9 million in June to a surplus of R$ 13.9 million in the following month, a considerable reduction. Meanwhile, in the social club, the deficit went from R$ 96.1 million to R$ 116.2 million.

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It's worth remembering that last Monday, the 6th, the Deliberative Council (CD) approved a budget review proposal presented by the Alvinegro finance department, where the board projects to end the year 2025 with a deficit of R$ 83.3 million, resulting from a drop in total revenue and a significant increase in operating expenses, especially in the payroll.

Football numbers

Football revenues remained high, totaling a gross value of R$ 411.5 million in the first seven months of the year. The highlight is the TV rights, which reached R$ 198.1 million. Following are sponsorships and advertisements (R$ 103 million), box office (R$ 71.5 million) and other revenues, such as awards and Fiel Torcedor (R$ 39 million). After legal deductions, the net operating revenue was R$ 389.2 million.

However, expenses also continue to grow, and at a higher proportion than revenue growth, reaching a total of R$ 426.7 million in July. Notably, personnel expenses were around R$ 256.2 million. Following are depreciations and amortizations (R$ 58.5 million), football expenses (R$ 47.7 million), general and administrative expenses (R$ 25.2 million) and third-party services (R$ 20.7 million).

The football operating balance, subtracting expenses from revenues, reached a deficit of R$ 37.5 million in July. The value becomes a surplus of R$ 13.9 million only after we also consider the net balance obtained from player sales (R$ 74.5 million) and non-operating revenues (R$ 7.4 million), finally deducting the share of net financial expenses – costs with interest and charges on loans and debts – attributed to football by the Corinthian finance department (R$ 31.3 million).

Social club numbers

Regarding the social club and amateur sports, revenue changes were more discreet, but also registered growth, reaching a gross value of R$ 45.7 million. Member contributions are the highlight, with R$ 19.6 million collected. Following are revenues from licensing and franchises (R$ 16.1 million), sponsorships and advertisements (R$ 5.7 million) and commercial exploitations (R$ 2.7 million). After legal deductions, the net value is R$ 45 million.

The increase in expenses, however, was also in a higher proportion than revenues, just like in football, reaching a total of R$ 71.5 million in July. The largest expenses were with personnel, going to R$ 41.2 million. Following are third-party services (R$ 23.9 million), general and administrative expenses (R$ 22.8 million), and depreciations and amortizations (R$ 1.8 million). Expenses exclusive to amateur sports registered only R$ 0.6 million in the period.

The operating result of the social club, therefore, was negative at R$ 26.5 million until July – a number slightly lower than the R$ 21.6 million deficit accumulated until June. To reach the total deficit of R$ 116.2 million, it is necessary to consider the remainder of the net financial expenses that were not allocated in the football accounts. This amount is R$ 89.7 million.

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