Report names Corinthians among the most indebted clubs in the country
- By Mirella Ramos / Central do Timão Editorial
A survey released by consultancy Convocados, in partnership with Galapagos Capital and Outfield, revealed that Corinthians ended 2025 with the third highest net debt in Brazilian football. The study, which analyzes the main economic indicators of national clubs, highlights the increase in black and white debt, the reduction in cash generation capacity and the challenges of maintaining financial competitiveness in the coming years.
According to the report, Corinthians' net debt reached R$2.466 billion. The value represents an increase of R$123 million compared to the previous survey, when liabilities were R$2.343 billion. As a result, the club appears behind only Atlético-MG and Botafogo among the biggest debtors in the country.
Photo: Victor Lannes/Agência Corinthians
The study points out that the three clubs account for a significant portion of the entire debt in Series A of the Brazilian Championship. Even though it no longer occupies the first position in this ranking, Corinthians remains in a scenario considered worrying by analysts, especially due to the difficulty in reducing its financial obligations in a consistent manner.
Despite the increase in debt, the report identified a decrease in the club's financial expenses. Expenses related to interest, loans and charges increased from R$368.6 million to R$276 million. Even so, Timão remains among the teams that spend the most resources to cover financial commitments.
Another notable fact is the growth in the payroll. Personnel costs reached R$571 million in the period analyzed, placing Corinthians among the clubs with the highest investment in salaries in the country. Only Palmeiras and Flamengo recorded higher numbers.
Even with the nominal increase, the report highlights that the proportion between personnel expenses and revenues remained within a level considered manageable. According to the study, the payroll represents around 39% of the institution's total revenue.
In the area of revenue, Corinthians showed a decline after recording record revenue in the previous period. Revenue fell from more than R$1.1 billion to R$987 million in 2025. The performance contrasts with the growth observed in other national elite clubs, which increased revenue through sponsorships, awards and athlete negotiations.
Broadcasting rights and prizes accounted for R$305 million of Corinthians revenue, while commercial activities generated R$332 million. The report also points out that player sales had a smaller share of the budget when compared to previous seasons.
One of the main points of attention identified by experts is related to EBITDA, an indicator used to measure operational cash generation capacity. Corinthians recorded a significant drop in this index, going from R$338 million to R$74 million.
In the opinion of those responsible for the study, the reduction directly impacts the club's ability to invest, pay off financial commitments and absorb extraordinary costs. The lower share of athlete negotiations in revenue is identified as one of the main causes for the decrease in cash generation.
In addition to the financial numbers, the report also evaluated the sporting efficiency of Brazilian clubs. In this regard, Corinthians appeared below expectations for a team that has one of the highest revenues and salaries in the country.
According to the analysis, the results obtained in the field did not keep up with the level of investment made. At the intersection of sporting performance and financial capacity, the club was far from the teams considered the most efficient in national football.
The survey also simulated a scenario in which strict Financial Fair Play rules were applied, similar to those adopted in some international leagues. In this projection, Corinthians would not meet all the required criteria.
Among the factors highlighted are the high debt, the drop in cash generation, the level of financial leverage and questions presented by independent auditors in recent financial statements.
In conclusion of the report, experts highlight that the strength of the fans, the revenue potential and the commercial capacity continue to be important assets of Corinthians. However, the study reinforces the need for measures aimed at financial balance, debt control and increased revenue generation to ensure greater economic stability in the coming years.
The accounts for the 2025 financial year were approved by the club's Deliberative Council. With this, the current management avoided possible statutory sanctions related to the disapproval of the financial statements.
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Source: Timao Central