A meeting held this Friday, at MorumBis, discussed São Paulo’s planning for 2025. The meeting comes after the board met with managers from Galápagos, manager of the club’s debt fund. The concern is how to adapt to the ceiling of R$350 million (or 50% of annual gross revenue, whichever is lower), established for salaries, image rights, charges and new hires on behalf of the fund.
President Julio Casares and football director Carlos Belmonte were present. The two signed, together with football executive Rui Costa and deputy director Fernando Bracalle Ambrogi, a note about the meeting with Galápagos managers. The text states that the meeting was considered positive in the search for solutions to comply with the ceiling.
The publication of the statement was also intended to deny the information from journalist Paulo Vinícius Coelho, on the UOL portal, that there would be disagreements between members of the São Paulo boards regarding the measures to comply with the spending limit. Officially, São Paulo does not comment on which solutions will be adopted. Belmonte has already said publicly that there is a target to reduce the salary bill, currently at R$18 million per month. The goal is to cut R$1.5 million each month, adding up to savings of R$20 million for the year.
This Friday’s meeting was precisely to realign the 2025 budget, which will be voted on on Monday. The club intends to end the year with a surplus, which is also a requirement of the fund. The 2024 balance sheet should show a deficit, as well as in 2023.
The team has not yet had reinforcements presented for next year. It will be necessary to hire a left-back, to replace Welington’s departure, and a right-back, as Rafinha’s situation is uncertain. Even with a possible stay, it is possible that the veteran will only stay until the middle of the year.
President Julio Casares still wants a midfielder. Coach Luis Zubeldía spoke openly on Oscar’s behalf, who has already been at the club’s academy, but the Brazilian tends to prefer a market outside Brazil after leaving China after almost eight years. On the left-back, the name is Wendell, at the end of his contract with Porto.
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São Paulo’s Credit Rights Investment Fund (FIDC) was approved in October by the club’s Deliberative Council. The idea is to have R$400 million under management and with which São Paulo intends to pay off debts with banks and financial institutions. São Paulo’s fundraising amounts to R$250 million.
In practice, this generates less interest and increases the period for paying the club’s debt. According to the 2023 financial statement, this type of liability was the largest amount payable in the São Paulo budget, reaching R$226 million. This corresponded to 33% of the total debt of R$666.7 million shown in the balance sheet.
