Study shows record revenue in Brazilian football, but debts are a concern
Brazilian football reached record revenue of R$14.3 billion in 2025, with real growth of 32% compared to the previous year, according to the Convocados 2026 Report, produced by Convocados and OutField with sponsorship from Galapagos Capital.
Despite the significant expansion, the study warns that much of this growth came from non-recurring revenues, such as athlete transfers and international awards.
Player negotiations yielded R$3.9 billion to the clubs, an increase of 63% over 2024, while prizes totaled R$1.6 billion, driven mainly by the participation of Brazilian teams in the Club World Cup.
Without these extraordinary effects, the sector's recurring revenue was R$9.5 billion, a real growth of 13%.
At the same time that revenues grew, clubs increased spending and debt. Operating costs reached R$10.3 billion in 2025, an increase of 22%, while consolidated debts reached R$17.3 billion.
César Grafietti, an economist specializing in sports finance and responsible for the report, stated that the growth in revenue is a positive sign.
To CNN Esportes S/A this Sunday (31), Grafietti said that "SAF is not a silver bullet, but alone it won't solve it."
We reached R$14.3 billion in revenue in Series A. Much of it was the result of the growth in commercial revenues. Here, in a way, impacted by bookmakers. But, in this way, the clubs managed to take advantage of this moment. Very large growth in player sales and athlete transfers. It was almost R$4 billion, the highest amount ever negotiated by 1st division clubs in the history of Brazilian football. Growth in revenue from broadcasting rights. Now, from the point of view of concerns, we have had a very large increase in debts. Debts reached R$17 billion. So, we had the football industry growing a lot. SAF is not a silver bullet, it alone will not solve it.
César Grafietti, economist specializing in sports finance and responsible for the Convocados report
The report points out that investments in the squad continue to put pressure on the accounts, with R$4.4 billion spent on athletes' rights in the period. The study also highlights structural challenges, such as dependence on revenue linked to sports betting and the need to adapt to the new Financial Sustainability System (SSF), which comes into force in 2026.
According to the analysis, only seven clubs would be fully compliant with the current rules of Brazilian financial fair play.
Flamengo level with Bayern and Palmeiras' revenue
During the interview, César explained the reasons for the record revenue that Brazilian football had last year, but stated that the debts are a concern. César said that Flamengo is far ahead in the Brazilian Championship, compared to Bayern Munich's dominance.
To complete the conversation, the expert showed how much the sale of Palmeiras youth players influences the Alviverde club's revenue and gave reasons for the Brazilian Championship to accept a league.
CNN Esportes S/A will air this Sunday (24), at 9:15 pm (Brasília time), on CNN Brasil and on CNN Esportes YouTube.
CNN Esportes S/A
With César Grafietti, economist specializing in sports finance and responsible for the "Convocados 2026" report, CNN Esportes S/A reaches its 140th edition. Presented by João Vitor Xavier, the program goes behind the scenes of a market that moves billions and is one of the most profitable in the world: sport.
On the agenda, the hottest topics in the football industry, from the perspective of economics and business.
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Source: CNN