Análise financeira dos clubes de futebol de 2010 a 2020 no Brasil

Abstract

Minsky, in his hypothesis about financial fragility, classifies the degree of indebtedness of institutions into three distinct profiles, Hedge, Speculative and Ponzi, where the institutions that have a Hedge profile are those that, based on their cash flow, are capable of paying both the principal of their debt and its interest; those with a speculative profile are those who can only pay the interest and not the principal and finally those with a Ponzi profile are those who do not have the resources to pay even the interest. When this basis is directed to football clubs, which in turn move significant amounts of resources in their cash flows, we can observe that despite their high capacity to obtain resources mainly through broadcasting revenues, sales of athletes and sponsorships , are unable to maintain a position that allows them to have solid growth over the years, remaining mostly in a Ponzi and Speculative state, where some exceptions among the 13 clubs analyzed, managed to change this reality. Therefore, the objective of this paper is to study the clubs' financial balance, in order to analyze its main indicators such as revenue, net result, total assets and debt in order to classify the clubs' financial position. It is concluded that the Ponzi position, which is more fragile, is the most common for most of the most traditional football clubs in Brazil in the 2010s.