Financial tools and sales fuelled 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 operation 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 window ever” after an initial season as president with results below expectations (another third place in the Primeira Liga). This promise resulted in a true squad revolution: 10 reinforcements arrived for 94.35 million euros (ME), despite the club’s participation in the Europa League for the second consecutive season.

Total costs amounted to 111.35 ME, including 17 ME paid for 50% of the economic rights of Samu, a deal that made the Spanish international forward the most expensive signing in Portuguese football history, at 32 ME. In the editorial of the August issue of ‘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 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 thousand euros to the SAD

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

The advance of revenues through factoring operations, especially from 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 performance after breaking the record for player sales in 2024/25, totaling 171.45 ME.

After 58.15 ME obtained in the summer of 2024, 113.3 ME was raised in the second half of last season, highlighted by the sale of Spanish midfielder Nico González to Manchester City for 60 ME and the departure of Brazilian winger Galeno to Al Ahly for 50 ME, without immediate replacements of equal caliber.

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

Renegotiation with Ithaka and bond issuance

The administration also renegotiated the contract signed in the final days of the previous presidency with Spanish company Ithaka Infra III for the commercial operation of Estádio do Dragão for 25 years, increasing the amount by 35 ME to a potential 100 ME – half of which 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 ME over 25 years, at a rate of 5.62%, 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 of the 30 ME sought, and in March 2025, it raised 50 ME after increasing the initial amount by 20 ME.

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 ME and current assets rose to 160.6 ME, reducing the short-term gap by 165.6 ME.

In the 2024/25 first semester Report and Accounts, a net positive result of 334 thousand euros was recorded, far below the 35.37 ME of the same period last year, at a time when the absence from the Champions League resulted in a loss of 39.58 ME in UEFA prizes.

The SAD recovered 66.4 ME in consolidated equity; despite an increase in liabilities of 27.07 ME, assets grew by 93.47 ME. Notable reductions were seen in expenses for player and coaching staff salaries (almost 4 ME), for governing bodies (over 1 ME), and in external services (4.2 ME).

In August, the administration announced to the 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 once again receive audiovisual rights from home Primeira Liga matches starting January 2026 and saving about 6 ME in interest.

Player sales

In the last summer transfer window, player sales were decisive, generating 77.17 ME without dismantling the core elements of the squad.

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

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 being against two-time champions Sporting (2-1), at Alvalade – however, only a title can fully validate the investment.

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