Vasco da Gama discover $236million debts following financial audit

May 1 – Brazilian giants Vasco da Gama have revealed debts totalling around $236 million, with an independent audit currently underway. The club promise a more detailed financial breakdown will be published by the end of June.

The figures were disclosed in a brief four-page report released on Wednesday, covering the 2024 financial year – the same year former Brazilian international Pedrinho took control of the club’s Sociedade Anônima do Futebol (SAF) following a court injunction that ousted 777 Partners as a controlling partner.

Despite the daunting numbers, there are signs of progress on the pitch and off it. Vasco’s gross operating revenue jumped from roughly $47.7 million in 2023 to $60 million last year, driven by improved on-field performance and the success of the club’s booming membership scheme.

“There was a substantial increase in competition revenue, reflecting the team’s sporting form and fan engagement,” the report noted.

Player sales also played a key role, bringing in approximately $34.8 million. Combined with operational revenue, Vasco’s total income reached a record-breaking $94.8 million in 2024 – the highest in the club’s history.

However, the financial picture remains challenging. Alongside the R$1.18 billion debt, the club posted a negative net equity of around $140.8 million. Vasco say these figures underline the financial fragility that led to their request for judicial recovery.

Contact the writer of this story, Samindra Kunti, at moc.l1746090536labto1746090536ofdlr1746090536owedi1746090536sni@i1746090536tnuk.1746090536ardni1746090536mas1746090536