Financial tools and sales fuelled FC Porto’s priciest ever transfer window | OneFootball

The record for player sales in 2024/25, the use of capital markets, and the renegotiation of the stadium exploitation contract enabled FC Porto to make their largest expenditures in the summer transfer window.

At the presentation of Italian coach Francesco Farioli, André Villas-Boas promised fans the “biggest transfer market ever” after an initial season as president with results below expectations (another third place in the Primeira Liga). That promise translated into a true squad revolution: 10 new signings arrived for €94.35 million (ME), despite the club’s participation in the Europa League for the second consecutive season.

Total costs amounted to €111.35 million, including €17 million paid for 50% of the economic rights of Samu, a deal that made the Spanish international forward the most expensive player in Portuguese football history, at €32 million. In the August editorial of the ‘Dragões’ magazine, the president assured that the investment is “aligned with the club’s capabilities, never losing sight of sustainability and financial responsibility,” a reality far removed from the situation inherited in May 2024, when he took over the SAD following the death of Pinto da Costa.

Villas-Boas even lent €500,000 to the SAD

In the 2023/24 Annual Report, from the previous administration, the ‘Dragons’ recorded losses of €21 million, compared to €48 million the previous year. The severe cash flow situation – with current liabilities exceeding current assets by €246 million and a gap of €86 million between amounts payable and receivable for players – led Villas-Boas to advance €500,000 to the SAD from his own pocket.

The advance of revenues through factoring operations, especially television rights, with rates around 11%, raised medium-term concerns. However, the liquidity needed for the market offensive resulted from various initiatives.

As Villas-Boas himself acknowledged, FC Porto prioritized financial recovery over sporting aspects after breaking the record for player sales in 2024/25, totaling €171.45 million.

After €58.15 million was obtained in the summer of 2024, €113.3 million was raised in the second half of last season, highlighted by the sale of Spanish midfielder Nico González to Manchester City for €60 million and the departure of Brazilian winger Galeno to Al Ahly for €50 million, with no immediate replacements of similar caliber.

Participation in the Club World Cup partly offset the absence from the Champions League, whose prizes range from €11 to €32.8 million depending on sporting and commercial criteria; Porto also received €1.718 million for two draws in the group stage.

Renegotiation with Ithaka and bond issue

The administration also renegotiated the contract signed in the final days of the previous presidency with Spanish company Ithaka Infra III for the commercial exploitation of Estádio do Dragão for 25 years, increasing the amount by €35 million to a potential €100 million – half of the amount was paid in October.

Under the coordination of CFO José Pedro Pereira da Costa, recruited by Villas-Boas, the SAD completed the largest bond issue in Portuguese football: €115 million over 25 years, with a 5.62% rate, placed privately with institutional investors in the United States in November.

In the retail market, the club secured two loans: in December it raised €21 million out of the €30 million sought, and in March 2025, it raised €50 million after increasing the initial amount by €20 million.

These operations allowed for the refinancing of liabilities under more favorable conditions, with lower rates and extended terms: between June and December 2024, current liabilities decreased to €238.3 million and current assets rose to €160.6 million, reducing the short-term gap by €165.6 million.

In the Half-Year Report for 2024/25, a net positive result of €334,000 was recorded, well below the €35.37 million from the same period the previous year, at a time when the absence from the Champions League resulted in a loss of €39.58 million in UEFA prizes.

The SAD recovered €66.4 million in consolidated equity; despite an increase in liabilities of €27.07 million, assets grew by €93.47 million. There were notable reductions in expenses for player and technical staff salaries (almost €4 million), for governing bodies (more than €1 million), and in external services (€4.2 million).

In August, the administration announced to the Portuguese Securities Market Commission (CMVM) the early repayment of the loan advanced against television revenues more than two years ahead of schedule, allowing the club to resume receiving audiovisual rights from home Primeira Liga matches starting January 2026 and saving about €6 million in interest.

Player sales

In the last summer transfer window, player sales were decisive, generating €77.17 million, without dismantling key elements of the squad.

Among the main deals were the wingers Francisco Conceição (Juventus, €32 million, in addition to the €10 million already paid in the loan) and Gonçalo Borges (Feyenoord, €10 million), central defender Otávio Ataíde (Paris FC, €17 million), and right-back João Mário (Juventus, €12 million).

So far, the administration’s strategy has shown positive signs: FC Porto started the Primeira Liga with four wins in four games for the first time since 2017/18, the last one against two-time champions Sporting (2-1), at Alvalade – however, only a title will fully validate the investment.

This article was translated into English by Artificial Intelligence. You can read the original version in 🇵🇹 here.