By Federico Calabrese
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Benfica, one of the most prestigious and popular football clubs in Portugal, has over time developed a solid financial structure that allows it to face both sporting and economic challenges with resilience. The peculiarity of Benfica’s organizational model lies in the combination of elements typical of a traditional sports association with those of a joint-stock company.
Benfica’s Structure
The club has over 244,000 members and maintains a strong associative component, while the operational management of professional football is entrusted to Sport Lisboa e Benfica – Futebol, SAD, a joint-stock company in which the club holds 63.65% of the shares. This hybrid model allows the club to combine member control with more efficient, market-oriented management, enabling it to compete with Europe’s top clubs.
Revenues
Benfica’s revenues come from various interconnected sources. UEFA competitions represent an important item: in the first half of the 2023/24 season, the club recorded revenues of €43.4 million, down from €52.4 million the previous year, due to an early elimination from the Champions League.
Broadcasting Rights
Television rights represent another significant component of revenues, with the contract with the broadcaster NOS generating €24.9 million, while matchday revenues, including ticket sales and other matchday income, reached around €35 million, registering a 5% increase compared to the previous year. Alongside these sources, sponsorships play a strategic and financial role, with renewed and consolidated contracts with brands such as Emirates, Adidas, Sagres, and Betano, which generated around €11.6 million.
Finally, market operations, particularly player sales, represent a decisive factor: in 2023/24, Benfica collected a total of €77.3 million from player transfers, including the sale of Gonçalo Ramos to PSG for €65 million, an operation that contributed €18 million to profit in the first half of the season.
Benfica has also placed great attention on infrastructure investments, considered fundamental for the club’s long-term sustainability and growth. Estádio da Luz, with a capacity of 65,000 spectators, represents the heart of the club’s sporting and commercial structure. Recent plans include expanding the capacity to 83,000 seats, with the aim of hosting the 2030 World Cup final and consolidating the club’s international reputation.
These investments reflect the desire to combine sporting competitiveness, fan experience, and revenue potential, positioning Benfica as a prominent player in the European football landscape.
Despite economic successes, the club faces some challenges. In the 2023/24 period, Benfica recorded a net loss of €31.4 million on total revenues of €179 million, mainly due to disappointing Champions League performances.
Dependence on player sales to generate profits represents a structural risk, as does the increase in financial leverage. In the past four years, the club’s liabilities have grown by €157 million, with potential financial difficulties projected by the 2025-26 season if the situation is not stabilized.
Despite these risks, Benfica’s financial model remains an interesting example of how a sports club can combine passion with economic management. The combination of its member base, solid revenue sources, and sponsorship strategies allows the club to maintain a leading role in Europe, while requiring attention and adaptability to ensure long-term sustainability.
The ability to diversify income, reduce dependence on player transfers, and effectively manage debt will be crucial for Benfica’s future, which, with vision and ambition, aims to consolidate its international presence without losing its connection with fans and members.
