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O futebol brasileiro de clubes vive uma fase de transformação fora de campo. Do crescimento constante de receitas à necessidade de um sistema de fair play financeiro, o momento é de olharmos para a sustentabilidade do negócio.
Receitas com direitos de transmissão aumentaram no atual ciclo que vai de 2025 a 2029, com mais players e mais anunciantes. Estamos transferindo mais atletas e com valores maiores, os estádios estão com mais torcedores e isto significa mais dinheiro na bilheteria. E com mais interesse de público, aumento o interesse de patrocinadores e consequentemente as receitas comerciais.
Esta é uma tendência que temos visto na Europa. Segundo o relatório Deloitte Money League, que traz dados financeiros dos 30 maiores clubes do mundo, nas temporadas 2023 e 2024 as receitas comerciais superaram aquelas com direitos de transmissão. Em 2023 forma 4% superiores e em 2024 foram 15% maiores que o dinheiro da TV. Exposição hoje vai além da TV e chega às redes sociais, permitindo maior impacto da marca junto ao público.
No Brasil vemos o mesmo fenômeno. Entre 2021 e 2023 as receitas comerciais representaram 18% do total dos clubes da Série A, e em 2024 a penetração saltou para 23% do total. Se é verdade que temos uma diferença na origem dos recursos – enquanto o Brasil concentra receitas vindas das casas de apostas, na Europa há diversificação de origem e as bets são menos relevantes – também é fato que o futebol é vitrine para marcas que precisam de exposição e acesso direto ao consumidor, o que acontece no Brasil com a mercado de casas de apostas.
Em 2024 as bets foram responsáveis por 28% do total de receitas comerciais dos clubes da Série A, e 7% do total de receitas recorrentes, movimentando mais de R$ 580 milhões. No início da temporada de 2025 estimava-se que aumentaria para R$ 990 milhões apenas com os contratos vigentes no início do ano. E desde então tivemos aumentos, com a chegada de novos patrocinadores, caso do Flamengo. O clube rubro-negro acabou de anunciar a substituição da Pixbet – aparentemente com problemas de pagamento – pela Betano, num contrato estimado em R$ 250 milhões fixos. O maior da história do futebol brasileiro.
Para se ter uma ideia do impacto, em 2024 o Flamengo registrou R$ 320 milhões em receitas comerciais, com um contrato master de supostos R$ 125 milhões. O valor com a Betano dobrou, e em bases anuais as receitas comerciais já passaram para R$ 445 milhões. Se antes representavam cerca de 25% do total, agora saltam para 37%, quando excluídas receitas não-recorrentes, como a participação na Copa do Mundo de Clubes e transferência de atletas. Para fins comparativos, no Arsenal as receitas comerciais representam 36%, no Real Madrid são 46%, para Chelsea Liverpool representam 48%, chegando aos 55% do Barcelona.
E o recorde do Flamengo ajudará outros clubes que possuem cláusulas de equiparação de receitas e aumentos automáticos, como é o caso do São Paulo com a Superbet, indicando que as receitas do futebol seguirão acelerando nos próximos anos.
O Flamengo reforça tendência europeia e mostra que nem só de dinheiro da TV vive o futebol. É preciso explorar potencialidades e buscar recursos onde quer que estejam. A visão periférica do craque em campo também precisa fazer parte do craque que joga fora das quatro linhas.
Cesar Grafietti é economista especializado em finanças do esporte e sócio da Convocados Gestão e Futebol
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