FC Porto, a club known for its rich history and passionate fans, pulled off a summer transfer window that turned heads. They spent more money than ever before. This spending spree was made possible by smart financial moves and big player sales.
When new coach Francesco Farioli was introduced, club president André Villas-Boas made a bold promise. He told fans they would see the “biggest transfer market ever.” This came after a tough first year for Villas-Boas, where the team finished third in the league. That promise became a reality. The squad saw a huge overhaul, bringing in 10 new players for a total of €94.35 million. This happened even as FC Porto played in the Europa League for the second season in a row.
The total cost reached €111.35 million. This sum includes €17 million spent for half of Samu’s economic rights. This deal made the Spanish international forward the most expensive player in Portuguese football history at €32 million. In an editorial for ‘Dragões’ magazine in August, the club president stated this investment aligns with the club’s financial limits. He also said it shows a commitment to financial stability and responsibility. This vision was far from the reality he faced in May 2024, when he took over from the late Pinto da Costa at the club’s management company (SAD).
Villas-Boas Even Lent the Club Money
The 2023/24 financial report, still under the old management, showed a loss of €21 million. This was an improvement from the €48 million loss the year before. But serious cash flow problems remained. Current liabilities were €246 million higher than current assets. There was also an €86 million gap between money owed and money due for players. The situation was so bad that Villas-Boas personally lent €500,000 to the SAD.
The club had also received advance payments for future income, like TV rights. These deals involved high interest rates, around 11%. This caused worries for the club’s financial future. However, the cash needed for the recent market spending came from several sources. Villas-Boas has often said that FC Porto put financial health first, even at the cost of immediate sporting goals. The club broke records for player sales in the 2024/25 season, bringing in €171.45 million.
After earning €58.15 million in the summer of 2024, the “Dragons” gathered another €113.3 million in the second half of the last season. Key sales included Spanish midfielder Nico González, who went to Manchester City for €60 million. Brazilian winger Galeno moved to Saudi club Al Ahly for €50 million. Neither of these star players was properly replaced at the time.
Playing in the Club World Cup also helped soften the blow of missing the Champions League. The entry prize varied between €11 million and €32.8 million, depending on sporting and commercial factors. FC Porto added €1.718 million from two draws in the group stage.
New Deals and Bond Issues Fuel Spending
The current administration also renegotiated a stadium contract with the Spanish company Ithaka Infra III. This deal, signed in the last days of the previous presidency, was for 25 years of commercial use for the Estádio do Dragão. The new agreement boosted the original €65 million to €100 million, with half of that sum paid in October.
With José Pedro Pereira da Costa, the financial director brought in by Villas-Boas, leading these efforts, the SAD made a historic move. They issued the largest bond in Portuguese football history. This was for €115 million over 25 years, at a 5.62% interest rate. The private placement took place in November with institutional investors in the United States.
FC Porto also raised money through two loans to everyday investors. The first in December aimed for €30 million but raised €21 million. The second, in March 2025, reached €50 million after its initial target was increased by €20 million.
These financial steps allowed FC Porto to restructure its debt on better terms. They secured lower interest rates and longer repayment periods. Between June and December 2024, current liabilities dropped to €238.3 million. Current assets grew to €160.6 million. This cut the short-term financial gap by €165.6 million.
The first half of the 2024/25 season ended with a net profit of €334,000. This was much lower than the €35.37 million from the same period last year. The drop came because the club was not in the Champions League, which meant €39.58 million less in UEFA prize money.
The SAD managed to recover €66.4 million in consolidated equity. While liabilities increased by €27.07 million, assets grew by €93.47 million. Significant cuts were made in expenses. Salaries for players and technical staff dropped by almost €4 million. Costs for board members fell by over €1 million. External services saw a reduction of €4.2 million.
In August, the administration told Portugal’s Securities Market Commission (CMVM) that it had paid off its TV rights loan more than two years early. This move saves about €6 million in interest. It also means the club will start receiving audiovisual rights for its home league games again from January 2026.
Player Sales Paved the Way
Player sales during the last summer transfer window, which closed in Portugal on Monday, were crucial. These sales brought in €77.17 million without stripping the squad of its core players.
Key sales included winger Francisco Conceição to Juventus for €32 million, on top of the €10 million paid earlier for his loan. Winger Gonçalo Borges went to Feyenoord for €10 million. Brazilian central defender Otávio Ataíde joined Paris FC for €17 million. Right-back João Mário also moved to Juventus for €12 million. These deals brought in the biggest earnings.
So far, the administration’s strong gamble is paying off on the field. The “Dragons” have started the league with four wins in four matches. This hasn’t happened since the 2017/18 season. Their latest victory was a 2-1 win against two-time champions Sporting in Alvalade. Still, a season with trophies will be the true measure of this big investment.