Over 1bn in revenue, debt down, targets met: São Paulo's 2025 review | OneFootball

São Paulo submitted its 2025 financial statements to the Deliberative Council, and at first glance the absolute figures stand out: record revenue of R$ 1.085 billion (up 47%) and a return to surplus, at R$ 56.9 million, after its biggest deficit ever in 2024.

There has indeed been a meaningful improvement in operating indicators, such as positive EBITDA of R$ 246.1 million, and a reduction in net debt to R$ 858.2 million, around R$ 110 million less than the previous year.

There has also been progress in the commercial use of Morumbi, whose revenue grew 61.8%, signaling better asset management.

But the picture is far from that simple, and that is precisely what underpins the internal resistance to approving the accounts. The main point of concern lies in the composition of that record revenue. Of the total R$ 835.9 million generated by football (77% of the pie), R$ 283.8 million came from player transfers, almost double what had initially been projected.

By definition, this is non-recurring and highly volatile revenue. Without this outlier performance in the market, the final result would not have been positive, and the club would still be in the red.

On the other side of the equation, expenses also grew significantly. The total recorded in 2025 was R$ 902.8 million, an increase of nearly R$ 174 million, equivalent to 23.8% more.

Although this growth rate is lower than that of revenue, the central issue is another one: professional football exceeded the budget by R$ 156.6 million, driven mainly by payroll, related charges, and contract amortization. In other words, the club’s main area continued operating above the established limits, relying on extraordinary revenue to balance the books.

The total contribution margin was positive and above expectations, which helps explain the surplus, but it does not eliminate the structural concern. There has been operational improvement and signs of progress in management, especially off the pitch, but the model still appears dependent on player sales at a high level in order to sustain itself.

In short, the financial statements combine real progress with significant weaknesses precisely in the main figures, both in terms of size and importance.

The numbers allow for an optimistic reading, but they also justify caution, especially when the final result depends so heavily on variables that are difficult to repeat year after year, something current president Harry Massis Júnior has already said he is trying to change.

Despite the result being considered satisfactory, the trend is for the Council to reject the figures. In light of new facts made public, such as the disappearance of approximately R$ 7 million from the club’s coffers, allegedly intended for Casares and whose spending was not justified, pressure has increased for the statements to be rejected, including from opponents of the current president, such as the head of the body, Olten Ayres de Abreu.

The Deliberative Council’s decision does not certify the accuracy of the figures, not least because the vast majority of council members do not have the experience for that. That role belongs to the Fiscal Council, which has already given its assessment: “Although the reports presented do not show formal accounting irregularities, significant concerns remain regarding the budget execution of expenses, which was found to be inconsistent with the limits and parameters established in the approved budget.”

In this context, some even see a potentially positive effect from a rejection under the current circumstances, as a sign of greater internal rigor. The view is that the market could interpret the move as an indication of oversight and accountability, and not necessarily as additional weakness.

There is also no immediate risk of losing tax benefits, a scenario that would only arise in the event of formal recognition of reckless management.

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