São Paulo 4th for revenue in Brazil, among few in surplus in 2025 | OneFootball

São Paulo has already released its financial statements for 2025, with record revenue of R$ 1.085 billion (up 47%) and a return to surplus, at R$ 56.9 million, after its biggest deficit in history in 2024. Despite the positive figures, the Deliberative Council once again rejected the financial report presented by president Harry Massis Júnior.

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

Even so, at the national level, Tricolor’s numbers stood out, placing the Morumbi club in 4th place among the teams with the highest revenue last season.

São Paulo trailed only Flamengo (R$ 2.08 billion), Palmeiras (R$ 1.78 billion), and Botafogo (R$ 1.4 billion), according to a survey carried out by Globo Esporte. Fluminense rounded out the top five with revenue of R$ 1.02 billion.

The number of Brazilian teams posting a surplus last year was low, with only nine clubs among the 24 analyzed. And Tricolor ranked 5th best, with R$ 56.9 million in profit in 2025.

Flamengo, Palmeiras, Vasco, and Mirassol, in that order, posted figures above São Paulo’s last season. The list of teams with positive balances is completed by Grêmio, Bragantino, Juventude, and Internacional.

Botafogo, despite its high total revenue, had the 2nd-largest deficit in 2025, at R$ 290.8 million. Fluminense also appeared on the list, in 12th place, with a negative R$ 51.5 million. Atlético-MG topped the ranking, with R$ 882.1 million in the red, and Corinthians had the 4th-worst result, at R$ 143.4 million.

If Tricolor fans think the SAF is the club’s great solution, it is worth paying attention. In addition to Atlético and Botafogo, four other SAFs also posted losses of more than R$ 100 million in the fiscal year: Bahia (R$ 154.6 million), Cruzeiro (R$ 114.9 million), Coritiba (R$ 113.9 million), and Fortaleza (R$ 120.1 million), as reported by GE.

“I don’t see it as a coincidence that many SAFs appear among the biggest deficits. The first wave of SAFs in Brazil happened precisely at clubs that were among the most financially pressured, with high levels of debt, cash-flow problems, and liabilities accumulated over many years,” analyzed Pedro Weber, partner at Chenus, a company specialized in sports investment.

“In some cases, beyond the inherited burden, there was also a lack of greater diligence in defining the leverage limits that new shareholders could take on within the operation. Some projects ended up accelerating sports investment before the financial structure was fully stabilized,” the specialist added.

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