Flamengo balance sheet: club breaks new record with billion-dollar revenue and reduces debt by 79% | Flamengo

*Material being updated

Flamengo raised more than R$1 billion for the third consecutive year. In the 2023 balance sheet, released this Thursday, Rubro-Negro announced gross revenue of exactly R$1.374 billion. Meanwhile, it has a net operating debt of R$48 million.

The debt decreased by 79% compared to 2022. Flamengo reduced its debt from R$227 million to just R$48 million, that is, in one year it paid off R$179 million in debt.

On top of that, Flamengo ended the year with a surplus of R$320 million. Furthermore, Ebitda was around R$485 million. The only number that is lower than in 2022 is recurring revenue. In 2023, it closed at R$1.071 billion and, in the previous year, it was slightly higher: R$1.091 billion.

Gross Revenue: R$ 1.374 billion
Recurring Revenue: R$1.071 billion
Ebitda: R$485 million
Surplus: R$320 million
Net Operating Debt: R$48 million

– The value of gross revenue represents a record for Flamengo and Brazilian football, even considering the updating of historical values ​​for inflation – says part of the published document.

Of the just over R$1.3 billion raised, R$303 million came directly from the sale of athletes. It is worth noting that in 2022 Flamengo had only raised R$140 million from player sales.

The cash balance at the end of 2023 was R$263 million (including restricted cash, reserved for incentivized projects).

Rodolfo Landim’s management ended 2019, the first year of management, with R$466 million in debt. In 2020, the value increased due to the pandemic, and reached R$585 million. But it reduced again in 2021 and fell to R$292 million. In 2022, it reached R$227 million before falling to R$48 million.

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