O Corinthians used its media, on Wednesday, to announce that it closed the first half of 2021 with a surplus of R$394,000. The result made the club value “its austerity measures” and allow itself to “reinvest again” in the second half of the year.
Some of these investments have already been made, with the arrival of renowned players, such as Renato Augusto and Giuliano. Róger Guedes is close to being next, and Corinthians also looked into the possibility of hiring Willian, now leaving the Arsenal.
But do the balance sheet numbers released by the São Paulo board explain these hirings? Looking only at the result of the first six months of 2021, the R$394,000 in Corinthians blue is higher than the record of the Flamengo in the same period – deficit of BRL 116 thousand. This amount is the difference between everything that each club collected during the semester with their expenses.
In 2020, however, Corinthians also closed the first half with a positive result. In fact, a surplus much higher than that of 2021: R$ 4.39 million. Even so, at the end of the season, impacted by the pandemic, the club had a deficit of R$ 123 million.
Since 2016, Corinthians, by the way, hasn’t known what it’s like to close the year in the blue, always spending more than it collects in the year, accumulating negative results that add up to more than BRL 350 million since then – the biggest deficit was registered in 2019, with R$177 million in the red.
In its official note, Corinthians values “significant advances in the marketing area” when mentioning the possibility of investing again in the second half. In fact, from 2020 to 2021, in the first six months, the club made more money from football sponsorship and advertising: R$37.7 million in the last season through June, and R$46.8 million in 2021.
Looking at the total revenue, however, the club made more money in football in the first half of the last season than in the current one: R$292.3 million in 2020 against R$212.2 million in 2021. net collection was around R$ 220 million – for comparison, Flamengo, with a lower result, registered R$ 342 million in the period.
A year ago, for example, Corinthians still managed to collect, in the balance sheet, R$ 7.3 million at the box office – money, however, that goes directly to the fund to pay for the stadium. In 2021, the team had higher revenue in the 1st half with broadcast rights (R$ 145.4 million vs. R$ 95.6 million in the same period in 2020) – but this figure includes awards paid even for the previous season, as competitions were extended by the pandemic.
If revenues were lower, Corinthians, in fact, reduced expenses in comparisons between the first six months of 2020 and 2021. Until June of the last season, football in Alvinegro had consumed R$ 221 million, which amounted to R$ 165.6 million in the current.
An important difference is that, while in the first half of 2020, the club spent R$54 million on “costs with sales and acquisition of athletes”, in 2021, until June, this amount was zero. A negative point for Corinthians, but which has a positive impact on the result, is that the club also did not transfer any money to the Neo Química Arena box office fund, while, last season, in the same period, it was R$ 4.5 million .
Thinking about football, an important line on the balance sheet is the one that shows personnel expenses, salaries – most of which are concentrated in the main team. And, in 2021, in the first semester, the alvinegra leaf was higher than in 2020: R$ 103.5 million x R$ 91.7 million.
On average, a month ago, Corinthians spent BRL 15.2 million in salaries in the first half, while in 2021, the payroll was BRL 17.2 million. At the end of last season, the club’s total expense in this regard was R$ 188 million (R$ 15.6 million monthly).
The good news for Alvinegra’s finances, thinking about salaries, at least, is that after June, the period portrayed by the most recent balance sheet, several players left the professional squad, such as Cazares, Otero, Jemerson, Ramiro, among many others.
The real size of the savings made with departures and the subsequent arrivals of Renato Augusto, Giuliano and co., however, can only be seen in the next Corinthians balance sheets.