Santos debt rises to R$ 1.094bn as fiscal council urges austerity | OneFootball

According to Globo.com, a Santos fiscal council report says the club’s total liabilities reached R$ 1.094 billion at the end of March, up from R$ 998.5 million in December, though below an earlier projection of R$ 1.163 billion.

The first-quarter financial report will be presented to the club’s deliberative council on Tuesday at Vila Belmiro for review only, with no vote scheduled.

Labour obligations rose from R$ 37.706 million to R$ 68.810 million, and image-rights liabilities increased from R$ 25.970 million to R$ 50.867 million. For comparison, the professional squad’s payroll was R$ 21.9 million in October last year and R$ 29.6 million in March.

The increases reflect the signing of new players and a rise in squad valuation, which lifts intangible assets. The accounts remain within this year’s approved budget.

Even so, continued austerity, tighter control of new borrowing and the renegotiation of existing debts are stressed despite external factors that could alter plans. Delays in paying salaries and image rights were identified earlier in the year, most sums were regularised during the second quarter and the practice should not be repeated to avoid terminations and fines.

Source: Globo.com