Brazilian football clubs' financials 2022

Marketing revenues consolidation

INCLUDES WOMEN’S FOOTBALL MARKETING AND A NEW
SPONSORSHIPS VISION: DATA DRIVEN SPONSORSHIPS. May , 2023
 SUMMARY
Methodology..................................................................................... Pg. 3
Introduction...................................................................................... Pg. 4
Revenues TOP 20 teams................................................................ Pg. 9
Football Costs………....................................................................... Pg. 36
Net profit / Loss ……...................................................................... Pg. 43
Debts................................................................................................. Pg. 46
Players' transfers in the World, LATAM and Brazil.......................Pg. 57
KPI Digital >>Revenues …............................................................. Pg. 65
Women´s football power…….......................................................... Pg. 77
Data driven sponsorships. Brazilian potential............................. Pg. 92

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 METHODOLOGY
Sports Value has the extensive historical series of financial statements
data ,from football clubs in Latin America.
The data makes up one of the largest finance/marketing/digital data
analytics in the football world. We have decades of global data and current
information from digital, finance, marketing and trends.
Brazilian football clubs' analysis has a historical series that began in 2003.
The most extensive on the market. We have data from all over Latin America,
Europe, USA and Asia.
The data in this report are extracted from the public financial statements of
the 20 clubs with the highest revenues in Brazil.
The TOP 20 make up our League, if Brazil had it, to compare with
international markets. Exchange rate impacted the numbers.

© 2023– Sports Value - All rights reserved

3
 INTRODUCTION
After the revenues recovery in 2021, the 2022 year showed improvements in
some sources, such as gate receipts and marketing. TV has returned to its
previous level, after post-pandemic adjustments in 2021.
A fact that affected the comparison with 2021 data, was the absence of Vasco
da Gama and Botafogo. They did not obtain revenues to be among the TOP 20 in
Brazil.
The increase in revenues was provided by the full stadiums' operations,
commercial income and clubs´ performance in international competitions. The R$
devaluation continues to contribute to revenues, with payments in dollars from
international competitions. The exchange rate also makes our players cheaper for
foreign clubs.
An extremely positive highlight was that marketing revenues reached US$ 230
million in 2022. Sports Value includes in marketing revenue now sponsorships
and licensing. This revenue was US$ 190 million in 2019.
© 2023– Sports Value - All rights reserved
4
 INTRODUCTION
Exchamge rate – US$ - R$ - 2003-2022
5,59
5,19 5,22

3,90 3,87 4,01

3,60
3,30
2,89
2,60 2,70 2,68
2,30 2,34
2,15 2,15 2,05
1,77 1,68 1,73

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

The Brazilian currency has lost a lot of value in the last 10 years.

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5
 INTRODUCTION
Some TOP 20 clubs- 2022´s data:

Revenues grew 18% in 2022 in US$ terms. In R$ increased 9%.

TOP 20 clubs reached R$ 7,5 billion (US$ 1.43 billion) . There were about
US$ 221 million new.

The main impacts were gate receipts that reached US$ 115 million,
compared to US$ 27 million in 2021. Social club and football membership
showed important growth, too.

When reclassified the football members as matchday income, which includes

also gate receipts, matchday reached US$ 211 million in 2022.

© 2023– Sports Value - All rights reserved

6
 INTRODUCTION
Some TOP 20 clubs- 2022´s data:

Marketing revenues, which encompass sponsorships and other commercial

income, have jumped sharply in recent years.

Sports Value now ranks sponsorships and licensing jointly, in order to give
more equity to the clubs' comparison. Marketing revenues generated US$ 230
million in 2022.

TV rights and prize money totaled US$ 575 million compared to the US$ 646
million received in 2021. That year the clubs received more than US$ 97
million in revenue from the pandemic. Now the regular cashflow again.

© 2023– Sports Value - All rights reserved

7
 INTRODUCTION
Some TOP 20 clubs- 2022´s data:
The TO 20 clubs' football costs reached US$ 1.01 billion last year, compared
to US$ 0,9 billion in 2021. In 2019 they were at US$ 1.2 billion.
Football costs represent 71% of revenues in 2022 and include wages and
other football direct expenses.
The 2022 net profits were US$ 50 million. The losses for 2020 were
US$ -250 million and the 2021 profits were US$ 96 million. In the last 5
years the accumulated deficits reached US$ -180 million.
Debts in 2022 reached US$ 2.03 billion.
Federal tax debts totaled US$ 0,6 billion.

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8
 TOTAL REVENUES
The TOP 20 teams reached for the first time R$ 7.5 billion in 2022,
US$ 1.43 billion in total revenues.
However, when the data are upended by the inflation clubs have not yet
surpassed pre-COVID-19 revenues, because of high inflation in Brazil.

The biggest highs in R$ terms of 2022 were gate receipts with +329% increase,
members +43%, transfers +7% and marketing 7%.

TV rights revenues fell 17% in R$ terms and payments returned to normality.

There's a lot of potential to growth in Brazil in all income sources.

The TV rights of 2019 were US$ 720 million.

Brazilian market needs to expand gains with new media and with
international market urgently!

© 2023– Sports Value - All rights reserved

9
 TOTAL REVENUES
TOP 20 clubs- Total revenues- US$ billion
Updated by inflation and annual exchange rate

2,43
2,19
1,98 2,01
1,80
1,63 1,64 1,64 1,62
1,54
1,43
1,32 1,34 1,30 1,25
1,06 1,04
0,83
0,75
0,59

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

10
 TOTAL REVENUES
With the 2022 figures published, it was possible to verify changes in the share of the
clubs' revenues sources.

TV rights accounted for 40% of total revenues in 2022, from 52% in 2021.

Transfers reached 20% of the total, the same as the previous year. Marketing &
Commercial revenues represent 16% and are consolidated as the third most important.
Members and social club went from 9% to 12% of the total.

Gate receipts went from 2% to 8%.

Brazilian football needs to leverage marketing revenues, digital and create recurring
resource generation from digital transformation if its business.
From page 92 we explored this topic.

© 2023– Sports Value - All rights reserved

11
 TOTAL REVENUES
TOP 20 clubs – Revenues breakdown - In %

TV & Prize money Transfers Marketing /Commercial Members / Social Gate receipts Other

6% 5% 5% 5% 4% 4%
12% 10% 13% 12% 11% 10% 9% 11% 7% 8% 2% 2%
13% 14% 13% 14% 8% 8%
7% 8%
8% 8% 10% 10% 7% 13% 9%
7% 7% 6% 8% 11% 12% 11% 7% 10% 12%
11% 12% 12%
9% 11% 13% 13%
11% 9% 11% 13% 12% 14% 11%
11% 14%
13% 14% 14% 11% 10% 9%
16%
9% 11% 15% 12% 13%
17% 18% 14% 15% 14% 20%
13% 15% 14%
14% 18% 24% 32%
27%
19% 20%
26% 14% 17%
30% 15% 23% 14%
31% 23% 37%
27% 19% 16%

51% 52%
40% 38% 40% 41% 39% 37% 40%
34% 36% 36%
29% 29% 29% 30% 31%
26% 22% 24%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

12
 TOTAL REVENUES
TOP 20 clubs – Revenues breakdown - In %

2019 2022

The big change compared to pre-pandemic and post-pandemic was the growth in
marketing & commercial.
13
 TOTAL REVENUES
TOP 20 clubs – Revenues breakdown - in US$ million

US$ 230 M US$ 115 M

US$ 575 M US$ 268 M

US$ 97 M US$ 69 M US$ 64 M

 TOTAL REVENUES
Consolidate Revenues TOP 20 Brazilian football teams in 2022
TV rights Members
US$ 575 million US$ 97 million

Players´transfers Amateur club

US$ 268 million US$ 64 million

Marketing
US$ 230 million Gate receipts
US$ 115 million

15
 Biggest revenues

US$ 225 M US$ 164 M US$ 149 M

US$ 126 M US$ 89 M US$ 82 M

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16
 TOTAL REVENUES
Total revenues – US$ million
RK Total revenues- US$ million Charge
Clubs
2022 2022 2021 2020 2019 2021-2022
1 Flamengo 225 194 129 237 16%
2 Palmeiras 164 163 102 160 1%
3 Corinthians 149 90 91 106 66%
4 São Paulo 126 83 69 99 51%
TOP 20 clubs
5 Internacional 89 68 54 110 31%
6 Atlético-MG 82 90 26 88 -9%
surpassed US$ 1,4
7 Athletico-PR 71 50 63 97 42% billion in revenues.
8 Red Bull Bragantino 67 52 28 10 29%
9 Fluminense 67 60 37 66 11%
10 Santos 65 73 46 100 -10%
Players´ transfers
11 Grêmio 65 89 82 110 -27%
12 Fortaleza 51 31 17 30 64%
generated US$ 268
13 Ceará 33 28 20 26 16% million in 2022.
14 Coritiba 31 16 21 11 100%
15 Cruzeiro 29 26 24 72 12%
16 América-MG 28 18 9 8 56%
17 Cuiabá 26 13 4 6 103%
18 Bahia 21 37 25 47 -44%
19 Goiás 20 9 17 25 127%
20 Atlético-GO 19 20 10 5 -5% 17
 TOTAL REVENUES
Absolute revenue growth - 2021 to 2022 US$ million

18
 TOTAL REVENUES
By club - Share of revenue sources - In %
TV & Prize money Players´Transfers Sponsorships Members & Social Gate receipts Other
Clubs
2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Flamengo 32% 33% 26% 11% 36% 29% 42% 42% 10% 16% 19% 20% 12% 19% 10% 14% 12% 4% 3% 11%
Palmeiras 18% 28% 14% 20% 40% 38% 57% 34% 23% 25% 20% 19% 14% 10% 5% 12% 8% 1% 2% 10%
Corinthians 11% 40% 6% 19% 44% 34% 53% 43% 17% 15% 25% 12% 8% 7% 11% 12% 15% 2% 3% 13%
São Paulo 26% 42% 25% 35% 34% 35% 51% 31% 9% 8% 10% 11% 11% 9% 8% 9% 10% 2% 2% 10%
Internacional 31% 24% 23% 37% 35% 36% 45% 33% 12% 14% 14% 13% 17% 24% 16% 13% 4% 1% 1% 3%
Atlético-MG 30% 20% 18% 20% 34% 46% 52% 36% 6% 15% 17% 23% 6% 13% 4% 10% 5% 1% 8% 9%
Athletico-PR 34% 61% 12% 27% 41% 23% 69% 35% 5% 4% 9% 19% 7% 7% 8% 10% 6% 1% 2% 7%
Fluminense 40% 26% 33% 27% 41% 45% 53% 44% 4% 5% 6% 9% 8% 12% 7% 11% 6% 2% 1% 7%
Santos 54% 35% 26% 21% 28% 46% 54% 42% 6% 10% 12% 19% 3% 4% 3% 6% 6% 1% 0% 1%
Grêmio 24% 28% 32% 30% 41% 38% 42% 26% 11% 12% 12% 16% 19% 17% 11% 16% 0% 0% 0% 0%
Fortaleza 5% 12% 2% 7% 40% 37% 65% 44% 20% 25% 16% 20% 15% 13% 8% 13% 10% 2% 3% 8%
Ceará 14% 26% 19% 19% 52% 51% 57% 42% 9% 8% 10% 13% 10% 10% 8% 11% 13% 1% 2% 9%
Coritiba 7% 40% 5% 21% 35% 35% 64% 30% 46% 5% 7% 10% 23% 9% 10% 14% 16% 8% 11% 24%
Cruzeiro 37% 19% 14% 11% 35% 33% 31% 19% 9% 27% 26% 19% 10% 16% 11% 13% 6% 1% 2% 21%
América-MG 13% 10% 2% 7% 32% 55% 71% 69% 18% 4% 14% 12% 36% 29% 9% 20% 1% 2% 4% 2%
Cuiabá 0% 1% 1% 8% 39% 51% 61% 66% 43% 47% 13% 4% 0% 2% 2% 2% 5% 0% 6% 10%
Bahia 24% 17% 17% 20% 43% 41% 59% 20% 8% 8% 9% 17% 10% 23% 10% 18% 9% 4% 1% 17%
Goiás 1% 49% 17% 3% 69% 38% 59% 70% 6% 5% 10% 12% 6% 4% 2% 1% 9% 0% 1% 5%
Atlético-GO 3% 7% 3% 14% 50% 76% 88% 70% 15% 7% 3% 5% 17% 0% 0% 0% 7% 0% 1% 8%
 TOTAL REVENUES
Who's coming right behind?
These clubs presented revenues that can lead them, in future studies, to participate in
the TOP 20.
Revenues in 2022- US$ million

20
 TOTAL REVENUES
Global broadcast rights

Global Football moves

US$ 21 billion in
broadcasting rights

Brazilian teams represent

3% of football and 1% of
global sport.

Source:: Sports Business.com

 LEAGUES X BRAZIL
TV rights – US$ billion

TV Rights 3.7 2.1 1.6 1.2 0.8 0.6 0.3

International rights 53% 48% 14% 18% 12% 1% ND

Difference between
first and last
1,2x 3,1x 1,7x 2,8x 2,5x 10x 0
 TOTAL REVENUES
TOP 20 clubs- Players´ transfers revenues and share of the total-US$ million
Updated by inflation and annual exchange rate

TOP 20 teams- Players´ Transfers US$ M Share of total revenue

700 40%

600 35%
30%
500
25%
400
20%
300
15%
200
10%
100 5%
- 0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
TOP 20 teams- Players´ Transfers US$ M 153 226 327 191 602 358 256 317 328 340 462 229 231 259 307 362 411 302 293 268
Share of total revenue 26% 30% 31% 23% 37% 27% 19% 16% 15% 14% 23% 14% 17% 14% 19% 24% 27% 32% 20% 20%

In the last 8 years Brazilian clubs have generated US$ 2.4 billion in players´ transfers.

Between 2003 and 2022 US$ 6.2 billion.

23
 TOTAL REVENUES
Revenues - US$ million - 2022

TV & prize money Players´transfers

Flamengo 95 São Paulo 44
Corinthians 65 Palmeiras 33
Palmeiras 55 Internacional 33
São Paulo 39 Corinthians 28
Atlético-MG 30 Flamengo 25
Internacional 30 Grêmio 20
Fluminense 29 Athletico-PR 19
Santos 28 Fluminense 18
Athletico-PR 25 Atlético-MG 17
Fortaleza 23 Santos 14
América-MG 20 Coritiba 7
Grêmio 17 Ceará 6
Cuiabá 17 Bahia 4
Goiás 14 Fortaleza 4
Ceará 14 Cruzeiro 3
Atlético-GO 13 Atlético-GO 3
Coritiba 9 América-MG 2
Cruzeiro 6 Goiás 1

24
 TOTAL REVENUES
Revenues - US$ million - 2022
Marketing & Commercial Members & Social
Flamengo 46 Flamengo 32
Palmeiras 32 Palmeiras 19
Atlético-MG 19 Corinthians 18
Corinthians 18 São Paulo 12
São Paulo 13 Internaci… 12
Athletico-PR 13 Grêmio 10
Santos 13 Atlético-… 8
Internacional 11 Athletico… 7
Grêmio 11 Fluminen… 7
Fortaleza 10 Fortaleza 7
Fluminense 6 Cruzeiro 6
Cruzeiro 6 Coritiba 4
Ceará 4 Ceará 4
Bahia 3 Bahia 4
América-MG 3
Santos 4
Coritiba 3
América-… 3
Goiás 3
Cuiabá 0
Cuiabá 1
Goiás 0

25
 TOTAL REVENUES
Revenues - US$ million - 2022
Gate receipts
Flamengo 24
Corinthians 19
Palmeiras 17
São Paulo 12
Coritiba 7
Atlético-MG 7
Cruzeiro 6
Athletico-PR 5
Fluminense 5
Fortaleza 4
Bahia 3
Ceará 3
Internacional 3
Cuiabá 3
Atlético-GO 2
Goiás 1
Santos 1
América-MG 1
Grêmio 0

26
 MARKETING REVENUES
Sponsorships & Licensing
Some clubs, in addition to sponsorship revenues, have been able to increase earnings with new commercial
revenues. Brand licensing and product sales are important sources that need to be explored.
According to Sports Value´s calculations, sponsorships represent about 72% of the clubs' marketing income.
Marketing revenues – US$ million - 2022
Sposorships Orher commercial Marketing total
50
45
40
35
30
25
20
15
10
5
0
Flamengo Palmeiras Corinthians* Atlético-MG Athletico-PR São Paulo Santos** Internacional Grêmio Fortaleza Fluminense
Sposorships 29 27 18 13 5 10 13 9 8 4 6
Orher commercial 17 4 4 6 9 3 0 2 2 7 0
Marketing total 46 32 22 19 13 13 13 11 11 10 7
27
*Corinthians registered licensing in the social club was reclassified only for this analysis. **Santos consolidates sponsorships and licensing jointly.
 MARKETING REVENUES
Good Examples

Athletico is the highlight of 2022. Atletico has been showing robust

Flamengo went from US$ 7.5 M in
revenues with product sales.
2021 to US$ 17 M in licensing in Only club´s OTT generated in 2022
2022. US$ 4.2 M. In 2021 they were US$ 7 M, and
in 2022 they reached US$ 5.6M in
In 2019 it was US$ 4.5 M. It was US$ 40K in 2021. 2022.
Licensing accounts for 7% of There are US$ 9M in commercial Royalties account for nearly 7%
revenue, up from 2% in 2019. explorations, 12% of the revenues. of revenues.

28
 MARKETING REVENUES
Athletico Paranaense- Marketing revenues- US$ million
2021 2022

5
4

2
2

1
0 0 0
0,0 0,1 0,1

Sponsors and OTT Ocicial Store ecommerce A&B Football schools

AD

The club's OTT leveraged marketing revenues. From all commercial income, 31% came from
the new service

29
 MATCHDAY REVENUES
TOP 20 clubs - Members + Gate Receipts
Revenues- US$ Million
Updated by inflation
Gate receipts & HC Members Total
445

401 Stadium
388
occupancy
rate in Brazil
278
269
283
261
282 is still low.
244 248
214
There is
209
179
167
157
143 150
134 128132
140142 huge space
125 123125
94
113
96
115
99 to grow in
66 matchday
19
30
revenues.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

30
 MATCHDAY REVENUES
TOP 20 clubs - Members + Gate Receipts
Revenues- US$ Million
Football Members Gate Receipts Matchday Total
Clubs
2021 2022 2021 2022 2021 2022
Flamengo 7 14 6 24 13 38
Palmeiras 3 10 2 17 6 26
Corinthians 2 4 3 19 4 23
São Paulo 2 3 2 12 3 16
Internacional 11 12 1 3 11 15
Athletico-PR 4 7 1 6 5 13
Atlético-MG 2 6 8 7 10 13
Cruzeiro 1 6 0 6 2 12
Coritiba 2 4 2 8 3 12
Fortaleza 3 7 1 4 4 11
Grêmio 10 10 0 0 10 10
Fluminense 2 4 0 5 2 9
Bahia 4 4 0 3 4 7
Ceará 2 4 1 3 3 7
Santos 2 4 0 1 3 5
América-MG 2 3 1 1 2 3
Vasco da Gama 4 2 0 1 4 3
Atlético-GO 0 0 0 2 0 2

31
 MATCHDAY REVENUES
TOP 20 clubs - Members + Gate Receipts
Revenues- US$ Million

32
 REVENUES WITHOUT TRANSFERS
Sports Value always analyzes revenues without plyers´ transfers, in order to understand
the operating revenues of each club.
Without the transfers the volume generated by the TOP 20 clubs was
US$ 1.1 billion in 2022, a 14% growth. In 2011/2012, this operating revenues surpassed
US$ 2 billion.
Flamengo, Palmeiras, Corinthians and São Paulo are the TOP 4 in operating revenues in
Brazilian football in 2022. The TOP 3 are the biggest revenue generators in entire
American Continent.

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33
 REVENUES WITHOUT TRANSFERS
Top 20 clubs – Operating revenues- US$ million
Updated by inflation and annual exchange rate

2,2
2,1

1,8 1,8
1,6
1,6
1,5
1,3
1,2 1,3
1,2 1,1
1,0 1,0 1,0
0,8
0,7 0,7
0,6
0,5

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

34
 REVENUES WITHOUT TRANSFERS
Operating revenues- US$ million
RK Operating revenues Charge
Clubs
2022 2022 2021 2020 2019 2021-2022
1 Flamengo 200 144 86 162 39%
2 Palmeiras 131 138 74 133 -5%
3 Corinthians 121 85 54 95 43%
4 São Paulo 81 62 40 73 31%
5 Atlético-MG 65 73 21 47 -10%
6 Internacional 56 53 41 76 7%
7 Santos 52 54 30 46 -3%
8 Athletico-PR 52 44 25 64 16%
9 Fluminense 49 60 37 40 -19%
10 Fortaleza 48 31 15 28 56%
11 Grêmio 47 61 59 83 -24%
12 Ceará 27 23 15 22 17%
13 América-MG 26 11 5 7 146%
14 Cruzeiro 26 25 19 45 4%
15 Coritiba 25 15 12 10 66%
16 Cuiabá 20 12 4 6 64%
17 Goiás 20 8 9 24 164%
18 Bahia 17 31 23 36 -46%
19 Atlético-GO 16 20 9 5 -16%
20 Red Bull Bragantino NA NA NA NA -

35
 FOOTBALL COSTS
TOP 20 clubs sought to reduce costs in this pandemic period, which resulted in more
balanced figures.
In 2022 the costs reached US$ 1.01 billion and in 2021 the clubs had football costs of
US$ 876 million, compared to US$ 970 million in 2020. ( salaries, structure, trips, hires.)
Many clubs continue to spend much more than their revenues allow, such as the cases of
Cruzeiro, Atlético-MG and Grêmio.
In average for the TOP 20 clubs, 71% of the revenues went to the football department in
2022.

Brazilian clubs can create a virtuous cycle of new revenues, that will impact positively
the football investment in a long-term view.

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36
 FOOTBALL COSTS
Top 20 clubs – Football costs – US$ million
Updated by inflation and annual exchange rate

1,81
1,69 1,74
1,62
1,44 1,41
1,23 1,27 1,22
1,17 1,19
1,10
1,04 1,01
0,97
0,88
0,77
0,65
0,57
0,43

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

37
 Biggest football costs

US$ 143 M US$ 117 M US$ 108 M

US$ 88 M US$ 86 M US$ 75 M

© 2023– Sports Value - All rights reserved

38
 FOOTBALL COSTS
Football Costs- US$ million
RK Football Costs Charge
Clubs
2022 2022 2021 2020 2019 2021-2022
1 Flamengo 143 124 119 154 15%
2 Palmeiras 117 111 100 127 6%
3 Corinthians 108 59 89 113 82%
4 São Paulo 88 74 64 106 19%
5 Atlético-MG 86 93 60 76 -8%
6 Internacional 75 50 52 76 48%
7 Grêmio 65 66 60 78 -1%
8 Fluminense 50 43 27 46 16%
9 Athletico-PR 46 29 30 48 56%
10 Santos 39 46 60 68 -15%
11 Red Bull Bragantino 33 30 22 7 10%
12 Fortaleza 29 19 12 17 54%
13 Ceará 26 22 15 19 18%
14 Cruzeiro 21 22 48 109 -6%
15 América-MG 20 12 6 8 71%
16 Bahia 19 28 26 34 -33%
17 Coritiba 18 10 13 11 71%
18 Cuiabá 16 10 3 4 70%
19 Atlético-GO 15 15 9 4 5%
20 Goiás 11 6 11 15 81% 39
 FOOTBALL COSTS
Top 20 clubs - Football Costs / Total Revenue – Index In %

93%

76% 76% 76% 76% 78% 77%

74% 73% 72% 73% 71%
71% 70% 70%
66% 65%
63% 62% 60%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

40
 FOOTBALL COSTS
Football Costs / Total Revenue – Index In %
RK Football Costs /Total Revenues- In % Football Costs /Total Revenues- In %
Clubs
2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
1 Red Bull Bragantino 49% 56% 77% 75% 361% 63% - - - - - -
2 Goiás 54% 68% 64% 60% 54% 76% 55% 45% 45% 47% 76% 67%
3 Coritiba 56% 66% 64% 104% 53% 59% 56% 64% 64% 82% 68% 71%
4 Fortaleza 57% 61% 70% 58% 99% 99% 104% 25% 48% ND ND ND
5 Santos 59% 58% 114% 63% 90% 73% 59% 102% 96% 88% 68% 75%
6 Flamengo 64% 64% 84% 65% 65% 54% 39% 41% 49% 66% 78% 59%
7 Cuiabá 64% 77% 71% 63% ND ND ND ND ND ND ND ND
8 Athletico-PR 65% 64% 48% 50% 81% 72% 65% 68% 59% 88% 34% 85%
9 São Paulo 70% 87% 93% 106% 75% 74% 69% 83% 95% 68% 67% 65%
10 América-MG 71% 67% 69% 97% 83% 44% 52% 81% 86% 84% - -
11 Palmeiras 71% 66% 98% 79% 82% 73% 61% 70% 83% 74% 57% 78%
12 Cruzeiro 72% 87% 203% 151% 84% 71% 81% 84% 87% 84% 82% 69%
13 Corinthians 73% 66% 98% 107% 80% 75% 62% 84% 92% 79% 65% 68%
14 Fluminense 75% 75% 72% 70% 56% 84% 62% 68% 67% 66% 50% 80%
15 Ceará 78% 77% 75% 72% 94% 67% 70% 63% ND ND ND ND
16 Atlético-GO 79% 61% 93% 91% 74% 87% ND ND ND ND ND ND
17 Internacional 83% 74% 96% 69% 76% 87% 60% 72% 94% 81% 76% 78%
18 Bahia 92% 76% 103% 72% 70% 85% 53% 56% 83% 94% 81% 106%
19 Grêmio 100% 74% 73% 70% 62% 68% 59% 92% 75% 79% 58% 67%
20 Atlético-MG 104% 91% 229% 86% 80% 71% 74% 68% 106% 64% 77% 91%

On average, the 20 clubs have a 71% ratio, of football costs over revenue.

41
 PLAYERS INVESTMENT- INTANGIBLE ASSETS
Top 20 clubs - Intangible Assets
Amounts invested in players- In 2022- In US$ million
Flamengo 71
Palmeiras 55
Atlético-MG 46
Red Bull Bragantino 46
Corinthians 43
Athletico-PR 25
The 20 clubs combined
Grêmio 25
Internacional 24
represent an intangible asset
São Paulo 23 of US$ 81 million in 2022
Santos 17
Fluminense 15
Fortaleza 9
Cruzeiro 6
Bahia 5
América-MG 4
Coritiba 4

42
 PROFIT / LOSS
The TOP 20 clubs presented in 2022 total net profits of US$ 56 million.
The numbers are extremely positive, considering that the values and TV have returned to
the normal. At other times, clubs would have ended the year with heavy losses.
In 2021, profits were US$ 102 million, due to the extraordinary TV values. The losses of
2020 exceeded US$ -241 million, caused by COVID-19 effects.
The clubs with the largest profits in 2022 were Flamengo, Atlético-MG, Coritiba,
Athletico-PR, São Paulo and Fortaleza. The Atletico-MG´s good performance due to its
real estate operations.
In the last 5 years the TOP 20 teams presented deficits totaling US$ -182 million.
Considering the inflation of the period, losses already reach US$ -250 million. In the last
20 years, the accumulated losses value exceeds US$ -1.3 billion.

© 2023– Sports Value - All rights reserved

43
 PROFIT / LOSS
Top 20 clubs – Net Profits / Losses- US$ million
Updated by inflation and annual exchange rate

44
 PROFIT / LOSS
Net Profits / Losses- US$ million
RK Net Profit / Loss Cumulated
Clubs
2022 2022 2021 2020 2019 2018 Last 5 years
1 Flamengo 26 32 -21 16 12 65
2 Atlético-MG 14 18 4 -12 -6 18
3 Coritiba 12 1 -4 -13 -1 -5
4 Athletico-PR 9 12 26 16 4 67
5 São Paulo 7 -19 -25 -39 2 -74
6 Fortaleza 6 3 -2 1 -0 8
7 Cuiabá 5 -1 -0 0 0 5
8 Red Bull Bragantino 4 4 3 0 -7 3
9 Palmeiras 3 22 -29 0 8 5
10 Santos 3 8 -23 6 -20 -26
11 Corinthians 3 1 -29 -49 -5 -78
12 Atlético-GO 3 5 1 0 2 11
13 Goiás 3 -1 -1 1 2 4
14 Fluminense 1 -0 -1 -2 -0 -2
15 Internacional 0 0 -18 -1 -2 -21
16 Ceará -1 0 0 1 1 1
17 América-MG -4 -1 -2 -4 -1 -12
18 Cruzeiro -5 -20 -44 -98 -19 -186
19 Bahia -15 5 -10 1 1 -18
20 Grêmio -18 3 7 6 14 11 45
 DEBTS
The net debts of the TOP 20 clubs reached US$ 2.03 billion, compared to US$ 1.97 billion
in 2021. The clubs net debts before pandemic (2019), reached US$ 2.57 billion.
Atlético-MG leads the ranking with US$ 302 million debts, followed by Cruzeiro US$ 193
million and Corinthians US$ 174 million.
Tax debts represented US$ 593 million and represent 29% of the clubs' debts.
Financial expenses with loans and taxes updates from the debts in 2022 generated an
impact of more than US$ 191 million in the clubs’ cashflows.
With interest rates skyrocketing in Brazil, clubs should reduce financial leverage from
their operations and debts in order to apply resources more productively.

© 2023– Sports Value - All rights reserved

46
 DEBTS
Top 20 clubs – Total Net Debts- US$ billion
Updated by inflation and annual exchange rate

4,27 4,25
3,91 3,91 3,84

2,70 2,63 2,69 2,73

2,60 2,57
2,34 2,22 2,26
1,97 2,03

1,44 1,34
1,04 1,16

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Clubs have managed correctly the financial position after pandemic alarm.
47
 Biggest Debts

US$ 302 M US$ 203 M US$ 175 M

US$ 168 M US$ 166 M US$ 140 M

© 2023- Sports Value - Todos os Direitos Reservados

48
 DEBTS
Total Net Debts- US$ million
RK Net Debts Charge
Clubs
2022 2022 2021 2020 2019 2021-2022
1 Atlético-MG 302 235 238 186 29%
2 Cruzeiro 203 183 185 199 11%
3 Corinthians 175 163 183 195 7%
4 Palmeiras 168 78 109 198 117%
5 Internacional 166 155 170 102 8%
6 Botafogo 140 154 181 206 -9%
7 Fluminense 130 119 125 160 10%
8 Vasco da Gama 128 127 160 185 1%
9 São Paulo 113 115 111 110 -2%
10 Santos 104 91 110 31 14%
11 Grêmio 100 72 76 39%
12 Red Bull Bragantino 58 49 28 125 18%
13 Athletico-PR 55 34 39 69 60%
14 Bahia 55 40 52 56 36%
15 Flamengo 50 77 144 127 -35%
16 Coritiba 46 52 57 77 -12%
17 América-MG 24 16 16,6 20,5 44%
18 Goiás 9 11 12 12 -17%
19 Ceará 7 6 5 4 29%
20 Fortaleza 6 6 7 6 -2%
21 Atlético-GO 2 2 6 7 0%
22 Cuiabá 0,4 3 1 1 -85% 49
 DEBTS
Top 20 clubs – Index- Net Debts / Total Revenues
RK Debts / Revenues Debts / Revenues
Clubes
2022 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
1 Cuiabá 0,02 0,21 0,20 0,12 0,00 ND ND ND ND ND ND ND
2 Fortaleza 0,12 0,21 0,44 0,21 0,60 1,32 - 2,19 ND ND ND ND
3 Atlético-GO 0,14 0,14 0,33 0,61 1,18 0,73 ND ND ND ND ND ND
4 Ceará 0,22 0,20 0,26 0,14 0,19 0,30 0,40 0,32 ND ND ND ND
5 Flamengo 0,22 0,30 1,12 0,54 0,76 0,52 0,90 1,63 2,01 2,78 3,79 1,92
6 Goiás 0,45 1,24 0,67 0,49 0,56 0,65 0,64 0,80 1,28 1,74 1,51 4,32
7 Athletico-PR 0,77 0,70 0,61 0,71 1,52 1,79 1,61 1,57 1,68 1,16 0,00 0,06
8 América-MG 0,82 0,90 1,82 2,57 1,03 1,44 1,45 1,00 2,10 2,55 2,39 Brazilian clubs
9 Red Bull Bragantino 0,86 0,94 0,99 3,20 6,67 0,15 - - - - - -
10 São Paulo 0,89 1,35 1,60 1,26 0,93 0,61 0,86 1,09 1,38 0,69 0,96 0,70
include in
11
12
Palmeiras
Corinthians
1,02
1,17
0,90
1,80
1,06
2,01
0,78
1,84
0,71
1,01
0,78
0,94
0,83
0,88
1,17
1,52
1,36
1,44
1,72
0,61
1,33
0,49
1,62
0,61
EBITDA* player
13 Coritiba 1,45 3,30 2,78 6,99 2,35 2,07 2,21 2,66 2,46 1,74 1,74 1,67 transfers,
14 Grêmio 1,52 0,81 0,93 0,93 0,98 0,97 1,22 2,22 1,85 1,44 0,80 1,39
15 Santos 1,58 1,25 2,37 1,10 2,05 1,19 1,21 2,41 2,18 1,56 1,41 1,10 different from
1,86
16
17
Internacional
Fluminense 1,95
2,26
1,99
3,14
3,34
1,80
2,42
2,48
2,12
2,85
2,48
2,26
1,71
2,19
2,56
1,66
3,60
0,88
3,39
0,85
2,94
1,05
5,05
Europe.
18 Bahia 2,62 1,08 2,05 1,18 1,51 1,63 1,38 1,93 2,85 2,60 0,92 1,58
19 Atlético-MG 3,66 2,44 2,99 2,11 2,31 1,73 1,64 2,03 2,75 1,92 2,54 3,68
20 Cruzeiro 6,79 6,41 9,33 7,62 1,46 1,08 1,52 0,80 1,13 1,06 1,19 0,93
21 Vasco da Gama 13,12 3,81 4,35 3,45 2,39 2,94 2,14 2,46 4,62 3,64 2,94 3,08
22 Botafogo 32,42 7,08 5,84 3,87 4,28 2,54 4,69 6,04 5,19 3,85 5,38 9,57

Debts / Revenues
It's a great diagnosis to analyze the financial reality of clubs. A lower indicator represents
more balanced management.
Ideally, it's close to 1.
50
*EBITDA- Profit before taxes, financial expenses, depreciation and amortization. It is the operating cash flow.
 WORD FROM THE EXPERT
Amir Somoggi, Sports Value´s partner and responsible for initiating the
analysis of the balance sheets of Brazilian clubs in 2003 in Brazil.

"Brazilian football has shown strong resilience in this post-pandemic and

revenues have reached the highest level in the history. Costs remain high, but
more controlled than in other years. The transfers' dependence to balance the
accounts remains our reality.
2022 figures continue to indicate that good management has won out over
irresponsible management. And even without Financial Fair Play, National
League or regulation, the champions are that presented good management.
The future also involves women's football and data-driven sponsorships.
Our analyses complete exactly 20 years of history, and this report brings a lot
of data and unique analysis in order to contribute to the next decades."

51
NECESSARY CHANGES IN BRAZILIAN FOOTBALL
URGENT CALENDAR FINANCIAL FAIR PLAY.
CHANGE.

A LEAGUE CREATION MARKET

INDEPENDENT OF THE GLOBALIZATION
CBF.

TOTAL FOCUS ON NEW CONTENT TO

SERIE A, WHO ATTRACT YOUNG
PAYS THE BILL. AUDIENCES.

52
 NECESSARY CHANGES IN BRAZILIAN FOOTBALL
In all parts of the planet, national competitions start the regular season, focusing on the main dispute of
the calendar, after a pre-season
MUDANÇA and with FAIR PLAY
a lot of promotion and marketing.
URGENTE
Starting the calendar byNO the CALENDÁRIO. FINANCEIRO.
State championship in Brazil decreases at least by 35% the size of the
football business in the country. When Serie A begins, coaches have been fired, players have been
injured, fans are already discouraged. Only the League can change everything. Starting with the calendar.
Attendance- Main competitions- Brazil
According to
All competition Average
IBOPE, the State
9.000.000 25.000
8.000.000
8.160.683
Championships are
7.000.000
21.646
20.000 the competitions
6.000.000
14.106
with the least
interest from fans.
12.600 15.000
5.000.000 3.902.871 11.785
4.000.000
3.000.000
10.325 10.000
A Calendar change
2.000.000
1.779.977
1.100.000 984.520 5.000 can generate
1.000.000 US$ 760 million
-
Série A Série B Copa do Brasil Paulsta Carioca
-
new in 5 years.

53
 Fortaleza EC

A benchmark for the Brazilian

market.

© 2023– Sports Value - All rights reserved 54

 Fortaleza, a benchmark for the market
Fortaleza's 2022 numbers should serve as a reference for the Brazilian market, according to Sports Value.
Revenues last year were US$ 51 million, a record for the club. Debts were reduced by 9% and now stand at
US$ 6 million.
Club remains very efficient in Serie A, present in international competitions, maintains a controlled budget,
reduced liabilities and presents excellent indicator Debt / Revenue.
Fortaleza, according to Sports Value is the successful model of club administration, which can and should be
replicated in clubs from different regions.
Fortaleza – Debts X Revenues ÚS$ milion
Fortaleza accumulated net profits of Debts Revenues Index

US$ 9 million in the last two years. 60,0 1,00

0,90
(2022 and 2021) 50,0 0,80
0,70
40,0
0,60
30,0 0,50
0,40
20,0 0,30
10,0 0,20
0,10
0,0 0,00
2017 2018 2019 2020 2021 2022
Debts 6,0 6,2 6,2 7,3 6,5 6,3
Revenues 6,8 10,4 30,0 16,6 31,3 51,3
Index 0,88 0,60 0,21 0,44 0,21 0,12 55
 Fortaleza, a benchmark for the market
Fortaleza – Marketing Revenues- US$ million Fortaleza – Marketing Revenues- US$ million
Sponsorships Store and royalties Total Marketing
10,3
10

6,7
6,0
6
5,0 5
4,1 4,1 4,1 4 4
3,3 3,5
2,8
2,0 2,2 1,9 1,7
1,3
0,8 1
0,4 0,4

2017 2018 2019 2020 2021 2022

2017 2018 2019 2020 2021 2022

Store revenues and royalties grew 104% in Marketing revenue growth in 6 years was
2022 compared to 2021. 1,220%!

56
Players´transfers in the
World, LATAM and Brazil

© 2023– Sports Value - All rights reserved 57

 Transfers in the world, LATAM and Brazil
Brazilian market is a major global player exporting players in number of athletes, but is far behind in
revenues compared to the more developed markets in Europe.
The talent exports are the only way to keep the operation of the clubs balanced. Sports Value evaluated the
global transfer market, Brazil's role in the global context and especially in the Latin American market.
Players´ Transfers sales – World- US$ billion
Global players transfers- US$ Bn Growth
8,0 60%
7,4
47% 6,9 50%
7,0 6,5
6,3
40%
6,0 5,6
34%
31% 30%
4,8 4,9
5,0
4,1 4,2 20%
4,0
4,0 14% 10%
10%
3,0
2,7 6%
3%
3% 0%

2,0
-10%
-14%
1,0 -20%
-23%
0,0 -30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 58
Source: FIFA
 Transfers in the world, LATAM and Brazil
Sales vs. Players Hirings- World – US$ million
RK sales US$ million Sales Hirings Net result

The international player transfer market works like any 1

2
France
Italy
740
618
545
673
195
-55

other foreign trade operation, involving exports and 3

4
England
Germany
601
588
2.199
639
-1.599
-52

imports. 5
6
Portugal
Spain
579
461
175
592
404
-132
7 Holland 418 198 220
8 Brazil 267 108 159
In 2022, transfers moved US$ 6.5 billion. The record 9 Belgium 194 241 -47
10 Argentina 147 70 76
was in 2019 when US$ 7.4 billion were moved. 11
12
USA
Turkey
135
119
181
116
-46
3
13 Dinamrca 115 54 61

Data monitored by FIFA TMS shows that of the 20,000

14 Scotland 101 65 36
15 Switzerland 95 39 56

players transferred, only 14% involved financial

16 Ukraine 86 50 36
17 Uruguay 71 1 70
18 Sweden 71 15 56
resources in 2022. 19 Austria 63 161 -98
20 Czech Republic 59 9 50
21 Russia 57 143 -86

The leagues that invest signing players have a negative 22

23
Norway
Mexico
50
47
19
72
31
-25

result. The others focused on sales, a cashflow. 24

25
Poland
Croatia
47
45
16
13
31
32
26 Colombia 42 4 38
27 Greece 40 62 -22
28 Ecuador 35 2 34
29 Serbia 30 10 20
30 Paraguay 30 3 28
31 Chile 22 4 18
32 Saudi Arabia 7 50 -43
59
Source: FIFA
 Transfers in the world, LATAM and Brazil
The leagues with the highest net profits on the sale (-) acquisitions of athletes in 2022 were Portugal,
Netherlands and France. Brazilian players generated the most revenue from transfers last year.
Highest Player Transfer Profits- World Nationalities that generated most resources
In 2022 US$ million In 2022- US$ million
Brazilian 843
French 592
Portuguese 437
Argentinian 380
Dutch 333
Spanish 263
Uruguayan 255
English 250
Belgian 235
Colombian 204
Nigerian 104

Only a small part of Brazilian players sales come to the

Source: FIFA Brazilian clubs, 32% of the total.

60
 Transfers in the world, LATAM and Brazil
Latin American Market moved in 2022 US$ 666 million in transfers, compared to US$ 570 million in 2021,
up 17%. Brazil represented 46% of the total, in the average of the last 5 years.

Transfers revenues – LATAM X Brazil – US$ million

Latin American Market Brazilian Market Share

1.000 60%
900 854 863 51%
49% 50%
800 45% 43%
666 666
700
40% 40%
600 570
500 30%
383 372
400 326 293 267 20%
300
200
10%
100
0 0%
2018 2019 2020 2021 2022

Source: FIFA 61
 Transfers in the world, LATAM and Brazil
Transfers revenues – LATAM – US$ million
Countries 2018 2019 2020 2021 2022 TOTAL 5 YEARS
Brazil 383 372 326 293 267 1.641
Argentina 198 212 132 155 147 844
Mexico 94 110 72 14 47 337
Uruguay 56 47 57 22 71 253
Colombia 37 43 34 38 42 193
Ecuador 23 31 18 15 35 122
Paraguay 24 19 3 19 30 95
Chile 19 17 12 8 22 77
Venezuela 7 4 5 1 0 17
Peru 6 2 3 3 2 16
Costa Rica 3 4 3 3 0 12
Panama 1 1 2 0 1 5
Bolivia 2 1 0 0 3 6
Source: FIFA

62
 Transfers in the world, LATAM and Brazil
As previously presented, transfers remain the second most important revenue source for Brazilian clubs
but have lost importance compared to previous years.
The clubs that generated the highest transfers revenues between 2003 and 2022 were São Paulo,
Internacional and Corinthians. In recent years there has been Flamengo and Palmeiras. very strong rise.
Transfers revenues-2016 to 2022 – Brazil – US$ million
Clubs 2016 2017 2018 2019 2020 2021 2022 TOTAL 7 YEARS
Flamengo 4 58 18 77 43 50 25 276
São Paulo 41 60 43 27 29 22 44 265
Corinthians 53 31 34 12 36 5 28 199
Palmeiras 19 12 49 28 29 25 33 194
Santos 27 25 10 55 18 19 14 167
Grêmio 7 24 38 28 23 28 20 168
Fluminense 19 14 34 27 10 20 18 141
Athletico-PR 12 9 12 34 39 6 19 132
Atlético-MG 29 14 23 27 5 18 17 133
Internacional 7 8 15 35 13 16 33 127
Source: Sports Value

63
 Transfers women football
Transfers revenues in women's football have been increasing. It was US$ 600K in 2018 and jumped to
US$ 1.2 million in 2020. And in 2022 they reached US$ 3.3 million. (+450% in 5 years).
A ridiculous value, compared to the US$ 6.5 billion moved in the world, only 0.05%. And this value was
quintupled in the period analyzed.
Revenue women players´ transfers – World- US$ million Biggest transfers of 2022
Revenue Women Transfers - US$ M Global share
3,500 3,30 0,06%

3,000 0,05% 0,05%

2,500
0,04% 0,04%
2,0
2,000
0,03%
1,500
1,2 0,02%
0,02%
1,000
0,600 0,7
0,500 0,01%
0,01%
0,01%

0,000 0,00%
2018 2019 2020 2021 2022

Source: FIFA

64
 KPI´s
Revenues >>Digital

© 2023– Sports Value - All rights reserved 65

 Revenues >>Digital
Sports Value has established a strategic alliance with
Zeeng Data Driven.
The two companies are already developing many joint
analyses, especially for the sponsors.
We are analyzing data and trends, so the brands can
achieve effective return with sponsorship investments.
We also help clubs to understand how to monetize their
digital assets.
The main current trend is that additional content to
games, such as behind the scenes for example, has
gained enormous relevance.

© 2023– Sports Value - All rights reserved 66

 KPI´s Revenues >>Digital
Sports Value analyzed different variables from the Brazilian clubs on Zeeng's platform, established metrics with
revenues. The number of followers, although relevant, does not help to understand the numbers. Analysis on total
posts, total interactions, average interactions per post and views help a lot.
Data from January to December 2022- - Consolidated numbers of all social networks
Followers M Total posts
0 5 10 15 20 25 30 35 40 45 50 55 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000

Flamengo Brazilian clubs Flamengo

Fluminense
have more than
Corinthians
São Paulo Corinthians
Palmeiras
Vasco da Gama
240 million fans Santos
Atlético-MG
Santos
Grêmio
on social Cruzeiro
Palmeiras
Atlético-MG networks São Paulo
Cruzeiro Bahia
Internacional Athletico-PR
Chapecoense Botafogo
Fluminense Internacional
Sport América -MG
Botafogo Fortaleza
Bahia Grêmio
Athletico-PR In 2022, the Sport
Vasco da Gama
biggest clubs
Fortaleza
Ceará Ceará

posted on social
Coritiba Cuiabá
Goiás Coritiba
Red Bull Bragantino
Avaí
media more than Avaí
Goiás
América -MG 357,000 times. Atlético GO
Juventude
Cuiabá
Atlético GO Red Bull Bragantino
Juventude Chapecoense 67
 KPI´s Revenues >>Digital
Here the two most important indexes, total interactions and average interactions per post. Currently, on
average, 73% of interactions with Brazilian fans come from Instagram and 12% from YouTube.
Data from January to December 2022- - Consolidated numbers of all social networks
Total Interactions M Average interactions per post
0 200 400 600 800 1.000 Brazilian clubs 0 5.000 10.000 15.000 20.000 25.000 30.000
Flamengo
Corinthians
totaled more Flamengo
Corinthians
Palmeiras than 3.7 billion Palmeiras
São Paulo
interactions with
São Paulo
Atlético-MG Vasco da Gama
Cruzeiro
Santos
fans, on social Cruzeiro
Atlético-MG
Vasco da Gama networks in Santos
Fluminense Botafogo
Botafogo 2022. Fluminense
Internacional Fortaleza
Fortaleza Internacional
Grêmio Grêmio
Athletico-PR Ceará
Sport Sport
Ceará Athletico-PR
Bahia The average Bahia
Coritiba
Coritiba
Goiás interactions per Goiás
América -MG
Cuiabá
post of Brazilian Chapecoense
Avaí
Avaí clubs in 2022 Cuiabá
Atlético GO
Atlético GO
Red Bull Bragantino reached 10.3K. Red Bull Bragantino
Chapecoense América -MG
Juventude Juventude
68
 KPI´s Revenues >>Digital
Instagram is the most impactful and valuable digital asset of the Brazilian teams There are 60M followers!.
Instagram - Data from January to December 2022
Total interactions on Instagram M Average interactions per post on Instagram
0 200 400 600 800 Instagram is 0 11.000 22.000 33.000 44.000 55.000 66.000 77.000 88.000 99.000 110.000

profiting a lot
Flamengo Flamengo
Corinthians Corinthians
Palmeiras from the Palmeiras
São Paulo
São Paulo
Atlético-MG content of the Atlético-MG
Cruzeiro
Santos
clubs. Cruzeiro
Vasco da Gama
Vasco da Gama Internacional
Fluminense Grêmio
Fortaleza Fluminense
Botafogo Santos
Internacional Every post on Fortaleza
Sport
Ceará
average Botafogo
Ceará
Bahia Flamengo 106 K Bahia
Sport
people are
Grêmio
Athletico-PR Athletico-PR
Coritiba
Goiás
impacted. Coritiba
Goiás
Cuiabá From Chapecoense

Corinthians are
América -MG Avaí
Avaí Red Bull Bragantino
Atlético GO
Red Bull Bragantino
100 K to each Cuiabá
Atlético GO
Chapecoense post. Juventude
Juventude América -MG

69
 KPI´s Revenues >>Digital
Sponsorship Revenues X Interactions
1.000

900 Creativity will raise revenues

with sponsors..
800

700
Interactions in 2022 – In millions

600

500

400

300

200

100

0
0 20 40 60 80 100 120 140 160
Sponsor revenues in 2022 – In millions 70
 KPI´s Revenues >>Digital
Sponsorship revenue in R$ million X Total interactions in millions- In 2022
Sponsorship revenues US$ M Total annual interaction M
35 1.000

900
30 29 887
27
800
Many teams have
25 700
high engagement
20
600 rates, but small
18
500 sponsorship
15 13 13
revenues.
400
341 10 316
10 281 204 9 8 300 Sponsorships and
164 6
5 124 200 data-driven
5 80 57 83 4 3
34
3 3 3 58
3
100
activations can
50
32
78
43 0,3 5 change this
0 0
scenario.

71
 KPI´s Revenues >>Digital
Posts with greater digital repercussion in 2022

These Flamengo posts on Insta got

Libertadores title party, with the delegation in the middle of the
4.2M likes, the highest in Brazilian
mass of fans, was the most impactful of YouTube, with +4 hours.
football in 2022. 72
 KPI´s Revenues >>Digital
Posts with greater digital repercussion in 2022

These 3 Corinthians posts on Insta

totaled 2.7M interactions.
73
KPI´s Revenues >>Digital
Fans' word cloud

74
 KPI´s Revenues >>Digital
Fluminense in 2023
Fluminense saw its social networks exploited in early 2023, with the
Marcelo´s arrival. The average per post of the major networks was
6.8K jumped to 11K.
This post in English has reached the incredible mark of 1.9 M
interactions!
Interactions in M
Total year Average per month

143

83
67

7 12 17
2021 2022 JAN -ABRI 2023
75
 KPI´s Revenues >>Digital
Fluminense in 2023 According to
The biggest posts in the history of the club, ALL, happened since the arrival of Marcelo. Nielsen, idols by
2023 will account
for US$ 1.2 billion in
social media
advocacy.

Brazilian football
needs global idols,
such as Marcelo, in
order to leverage its
brand abroad.

76
Women´s football
strength

© 2023– Sports Value - All rights reserved 77

 Women´s football strength
Sport and the female audience have never made so much sense
together.
For a long time, women were raised away from sport, as if playing
sport was something eminently masculine.
More women practicing, consuming and working with sport, is
reflected in more revenues and income.
This is changing, but even today it is a reality that needs to be
worked on.
Investing in women's sport is fostering the development of the
sports industry worldwide.
78
 Women´s football strength
There are many differences when sport is analyzed between men and women.

Men are encouraged to play sports. In Brazil they Women, especially low-income population are not
are encouraged to play football. encouraged to play sports. Now it's changing.
They start practicing earlier and take longer to Women practice many modalities more than men.
quit. They start later and stop earlier.
They are the majority in audiences, both in Girls and women, in general have less interest in
broadcasts and digital. sports content. Nowadays we saw some
Boys and young men are the most interested in improvement. More marketing will change the
women's sport in the world. landscape
79
 Women´s football strength
Female Sedentarism
In all countries of the world the practice of Brazil 84%
sports and interest in events is lower among Chile 74%

the female audience than male. Portugal

Italy 46%
72%

Germany 44%
The growth of women's sport depends on UK 40%

more girls playing sport. France 34%

Spain 31%

More income and education in the country, Switzerland

Sweden
26%
25%
the smaller the gender gap. Source: WHO

A Brazilian woman practices 3.3 x less sport than a Swedish woman.

80
 Women´s football strength
Kids sports practice and practice as a child are the reasons that lead to like
women's soccer. Watching big events is a main factor, too.
What made you like women's sports?
USA World

43% 42% 42%

37%
35%
33% 32%
30% 30% 30%
27%
25%

I have a child who plays I practiced as a child and I watched big events like Friends/family There is a team in my I saw highlights and got
sports the interest remained the World Cup and the introduced me region interested
Olympics

Source: YouGov Sport 81

 Women´s football strength
Brazil does not appear on the world map created by FIFA of registered
professional athletes, led by the USA. (+100 K athletes).

More women
playing football
and more
professional
structure will put
Brazil on the global
map.

82
 Women´s football strength
Worldwide women's professional events with the most interest
31% 30%
25% 24%
22%
20%
18%

FIFA Women´s Women´s Women´s Women´s Women´s MMA W Series- Racing Ladies
World Cup Tennis National eSports / Professional
Association - Baskteball professional Golf
WTA Association - igaming Association-
WNBA LPGA

Source: YouGov Sport

In all countries, women's sports have less impact, but show a

higher growth rate. 83
 Women´s football strength
Brazil is one of the global audience leaders for FIFA in the last women's
World Cup.
Growth Women's World Cup- Canada 2015 vs. France 2019

84
Source: FIFA
 Women´s football strength
Evolution of the residential television audience
Women's World Cup- In million
FIFA
1.250

994 Between 2007

764 and 2019 2x more
495 530 audience!

2007 China 2011 Germany 2015 Canada 2019 France 2023-

Australia/New
Zealand*
Source: FIFA
*Projected , with the same coverage.

85
 Women´s football strength
Gender differences in FIFA World Cup audiences
Male audience Female audience FIFA
61%
53%
Men's Cup
47% reached 3.2 billion
39%
people, +2%
Women's Cup 1.1
billion, +30%.
In Brazil it grew by
Men's Cup Women's Cup
500%.
Source: YouGov Sport

86
 Women´s football strength
Revenues of women's teams in Europe Total teams revenues
€ million € million

Source: Deloitte

Women's teams revenues represent a tiny fraction of total revenues.

Less than 1%. 87
 Women´s football strength
Women's football fans in Europe Women's football revenues in Europe
In million € million
Fanatical Engaged Casual TOTAL Total Revenue Matchday Sponsorships TV Rights
328

686

551

144
129 295
94 105 252 256
194
46 57 116 135
41 105
69
12 35

2021 2033 2021 Realistic 2033 Optimistic 2033

Source: FIFA

World has more than 1 billion fans of women's football. Number

will more than double in 10 years.
88
 Women´s football strength
Women's sports audiences in the world by age group.
Women's sport rejuvenates brands
Young men watch
44%
40%
more women's
football than mature
34% 34% 34%
33%
women.
28%
The difference
16% between women and
men is small on
average.
Women's football is
Global 18-24 yo 25-34 yo 35-44 yo 45-54 yo 55 yo + Men Women
a content for
Source: YouGov Sport different targets.

89
 Women´s football strength
Brands that sponsor women's sports earn loyalty and support from fans.
WORLD- ONLY AMONG WOMEN
Positive impact of sponsorships by supporting the sport

Men's Sport Women's Sport

45%

31%
26%
23%
20%
16% 17%
14%

Professional Sport Amateur Sport College Sports eSports

Source: YouGov Sport 90

 Women´s football strength
Brands that sponsor women's sports have a high market impact.
TV Advertising Awareness in US.
WNBA sponsors have 40% more impact, which is the overall average.
US Adults WNBA Fans
38%
34%

22% 21%
17% 16% 16%
15%
11% 10%
8%
5%

AT&T Beats by Dr. Dre Google Youtube TV Fan Duel EA Sports

Source: YouGov Sport 91

A new sponsorship vision:
Data driven

© 2023– Sports Value - All rights reserved 92

 A new sponsorship vision
The game has changed: The digital power!
Over the years, studies around the planet have already shown that to obtain ROI with sponsorships it was
necessary a strategic investment in the digital environment.
With the pandemic this has taken on another proportion. Digital market budget are decisive for brands to get
returns with sponsorships. The results measurement in a click converted the digital activations more assertive.

The players entry such as Crypto, Betting and

digital banks has accelerated the process.

Sponsorships and activations need to be data-

driven to generate effective returns for brands.

93
 A new sponsorship vision
The game has changed: The digital power!
According to Deloitte, the smallest part of the fans attend the teams' stadiums and games in the USA. The fans
who have season tickets, over the total fanbase is very low. 11% in the MLS and 6% in the NBA.

Season ticket holders´share on the total of fans in the USA. In Brazil, according to Datafolha,
only 20% of fans have been to the
stadiums.

According to data from

Sports Value, the fan
members share over
Brazil's total fanbase is only
0.6%.
Source: Deloitte USA
94
 A new sponsorship vision
The game has changed: The digital power!
People spend more time on the internet
than in front of the TV.
In younger generations it is virtually
impossible for a sponsor to achieve ROI
without digital activations.

Even the most mature

people dedicate more and
more time to online
activities.

Source: YouGov 95
 A new sponsorship vision
NBA sponsorships
Nielsen data shows, how over the years the
return on social media has grown for NBA teams Social X TV- Sponsorship impacts for the 8 TOP NBA teams
sponsors.
In 2015 only 2% of the return came from social
media.
In 2020 it was at 32% and currently it is 50%.

NBA teams generated more than US$ 1.5 billion

in sponsorships revenues in 2022.

In 2017, revenues were US$ 861 million.

Source: Nielsen

Digital is no longer complementary, is fundamental for sponsors.

96
 A new sponsorship vision
Sponsorship trends
The match is no longer the only important
content currently.

Sponsors want much more than visibility

on boards and uniforms.

Focus is technological innovation, data,

creativity, measurement and content
marketing.

Clubs need powerful storytelling to

leverage sponsorships.

Sportentertainment, idols power and

digital transformation are the paths.
97
 A new sponsorship vision
Sponsorship trends
Purpose and Storytelling
Sponsorships should not only generate visibility,
but they also need to make sense for the brand
and especially for the world.

Data Driven Sponsorships

Data is the future of sponsorships. To talk to fans,
brands want to get to know them in depth, so that
campaigns are more assertive.

Far beyond the match

Impacts outside the game broadcast can be much
greater for sponsoring brands.
98
 A new sponsorship vision
Sponsorship trends
Content marketing
Creating exclusive, impactful content and concrete
monetization are the future of sports marketing.

Technological innovation
Sponsorships need to be aligned with technological
advances. Analog and linear model does not
generate digital return.

Improve measurement/create effective ROI

Traditional visibility measurement model in
transmissions has become outdated and obsolete.
More people watch videos on the Internet,
download APPs, use ecommerce. 99
 A new sponsorship vision
Gobal Football
How do you watch live matches?

Second Sreen Fan behavior when online

Brands are more WATCH HIGHLIGHTS BY SOCIAL

67%
attractive for sponsoring.
NETWORKS

ACCESS ONLINE SPORTS CONTENT 63%

Seek information about CHECK ONLINE RESULTS 60%

sponsors.
Source McKinsey
Sponsorships digital
evaluation

© 2023– Sports Value - All rights reserved 101

 Sponsorships digital evaluation
The company KORE has published a very interesting study analyzing the global sport impact on the
digital environment, especially for sponsoring brands.
Corporate spending on sponsorships totaled US$ 77 billion in 2022 and will rise to US$ 116 billion in
2027, largely because of the digital environment.

In 2022 Sports with more return in digital

US$
Sport has generated 100 billion interactions.
Value in social networks reached
US$ 12 billion. (AAV)
Sponsoring brands received US$ 8.6 billion
in digital returns.
Football accounted for 49% of the total.

102
 Sponsorships digital evaluation
Value – Highest ROI Social Media in global sport
By Brand

According to the company Kore, 63% of the

return is intentionally generated by brands or
their sponsored properties.

Source: Kore

103
 Sponsorships digital evaluation
Brands that hold important sponsorship properties and own teams (e.g. Red Bull) are the ones that
generate the most intentional return for themselves, on social networks.
Value – Social Media ROI generated by own brand - Own voice - US$ million

Source: Kore

104
 Sponsorships digital evaluation
Football teams are a key factor to sponsors Value – Social Media ROI generated by the club- US$ million
return.

When a club is more data driven oriented,

sponsors will benefit from the digital
operation.

Kore´s data indicate that Corinthians is the

best club in Brazil in digital return
US$ 61 million in 2022.

Flamengo is second with US$ 56 million.

River Plate is the third Latin American with

US$ 32 million.

17 clubs = US$ 1.7 billion.

Source: Kore
Real Madrid= 18% of the total. 105
 Sponsorships digital evaluation
The most successful brands are those that have more efficient sponsorships in the digital environment.
Value – ROI Social Media of the brand X Number of brand promoters (properties)
Return Social Media- US$ M Number of brand promoters
1000 35.000
900
30.000
800
700 25.000

600
20.000
500
15.000
400
300 10.000
200
5.000
100
0 0

Source: Kore 106

 Sponsorships digital evaluation
Each generation has different characteristics, including watching and consuming sport.

107
Sponsorships digital evaluation
Devices used for each generation to watch sport.

108
Source: Sportico
Brazilian football market
potential

© 2023– Sports Value - All rights reserved 109

 Brazilian football market potential
Brazil is one of the largest untapped Each generation consumes content differently.
markets in world football. It's not possible just to insert the brand on the jersey or
on a field sign
There are more than 150M football fans,
but the clubs make very little money from
all this passion. Content consumption- General fans - Gen Z - Millennials

Another challenging aspect is the presence

of European teams. According to IBOPE
more than 70% of young people in Brazil
have a European team.

Other habits such as eSports, streaming´s

series and new broadcasts of modalities
such as NBA, NFL, surfing and MMA have
changed the young Brazilians consumption. Source Moring Consult

110
 Brazilian football market potential
Advertising market vs. Clubs sponsorships GDP and advertising market – US$ million
RK Leagues Country GDP AD market
1 MLS -USA 22.939.000 285.210
Brazil has one of the largest advertising 2 Premier League-UK 3.108.000 38.280
markets among the world football 3 Bundesliga-GER 4.230.000 26.700
4 Ligue 1- FRA 2.940.000 15.810
leagues. 5 Serie A- BRA 1.645.000 12.500
6 Série A - ITA 2.120.000 9.590
7 Russia 1.647.000 7.850
8 LaLiga- SPA 1.439.000 6.430
But a small companies' investment share 9 Austria 481.000 6.300
goes to the clubs. 10 Belgium 581.000 4.980
11 Sweden 622.000 4.960
12 Netherlands 1.007.000 4.870
13 Mexico 1.285.000 4.460

Less than 1.8% of the total in Brazil, 14

15
Poland
Turkey
655.000
800.000
3.200
2.830
compared to 16% in Spain, 10% in 16 Switzerland 811.000 2.600

Turkey, 6% in France/Germany and 5% in 17

18
Denmark
Scotland
397.000
205.000
2.200
2.200
UK. 19 Norway 445.000 2.100
20 Portugal 252.000 1.200
21 Colombia 301.000 797
22 Chile 331.000 730
111
 Brazilian football market potential
Due to the size of the Brazilian advertising market, the clubs' revenues from marketing could easily double if lbig
advertisers returned to invest in the clubs.

Marketing Revenue vs. Advertising Market- Football Leagues

2.500
Commercial Revenues Leagues 2021- US$ Million

2.000

1.500

1.000

500

0
0 50.000 100.000 150.000 200.000 250.000 300.000

Advertising Market- US$ Million

112
 Brazilian football market potential
Social classes consumption in Brazil– US$ billion Brazil - Annual consumption - By sector – US$ billion
Housing 183
324 Vehicles 93
286 Food at home 68
Eating away from home 37
Medicines 29
Building material 28
Health Plan and dentist 24
112 Personal care 23
64 Clothing 19
39
Education 17
A B C D/E RURAL Entertainment 16
Furniture and home 13
Household Electrons 12
Spending by Brazilian families reached US$ 824 Drinks 11

billion in 2022. Urban transport 10

Travel 9

Of this total, US$ 16 billion per year goes to Shoes

Smoke 5
8

entertainment. (2%) Cleaning Articles 4

Books and school supplies 3

Source IPC Maps

113
 Brazilian football market potential
An exclusive analysis by Sports Value shows that clubs and sponsors in Brazil have not yet figured
out how to involve football fans in their strategies. Brazilians' spending on their clubs reached a small
amount, only US$ 211 million in 2022.
Less than 1.3% of Brazilians' spending on entertainment reaches clubs’ accounts.
Brazilians Spending – Entertainment x Football Clubs – US$ billion
16,5 Clubs, through data-driven
sponsorships, can amplify
the impact with Brazilians.

1,3% of the total

Brands can contribute
with new revenue, with
0,2 more assertive digital
activations.
Spending by Brazilians on Spending by Brazilians with their
entertainment clubs
114
 NEW SPORTS MARKETING INDEXES
Sports Value has been developing a series of
exclusive services to corporate clients.
Sponsors, clubs, startups, investors, agencies,
federations and communication groups have all
benefited from these unique analyses, in Brazil and
abroad.
Some of the most innovative ideas of crossing
financial, marketing, digital and trends data are
being delivering to the clients.

If your company or club's goal is to increase

returns with disruptive strategies in sport,
Sports Value can help a lot.
115
 Disruption in Sport - Sports Value´s Vision

Digital Transformation Smart Stadium Fan Engagement

Data Driven Sponsorships Sports practice Sports trends

Startups consultancy Business Plan to investors ESG & Sports

116
SPORTS VALUE´S SERVICES
 Thank you!
Amir Somoggi
+55 11 99749 2233
[email protected]
www.sportsvalue.com.br