Portuguese Professional Football Yearbook by Liga Portugal

Liga

Chapter

Preface

The recovery, consolidation, and affirmation of Portuguese Professional Football over the past decade represents an extraordinary accomplishment, bringing pride to all the Sports Societies involved. More united than ever, they continue to strive for excellence, even in the face of disparities that must be addressed. This yearbook, prepared by EY, marks another successful milestone on this irreversible journey towards building a solid, credible industry that is ready for the future.

These achievements, reflected in figures that highlight the sport’s growing importance to the national economy, should serve as a benchmark for the authorities, who play a crucial role in this ecosystem. Despite the entertainment market facing blatant inequalities in taxation, the Football industry remains committed to the collective goal of delivering the best product to its audience.

In 2023-24 alone, this sector managed to safeguard 932 jobs. Currently,

Professional Football directly generates 4,436 jobs, contributing over €268 million in direct taxes—an increase consistent with the previous year—and adding €662 million to Portugal’s Gross Domestic Product (GDP).

Since 2015, every advancement in Professional Football has been underpinned by a strategy focused on unity and excellence in governance and compliance. To nurture the talent that distinguishes us globally, we must lead in the adoption of good business practices, social responsibility, and environmental sustainability—key pillars for the credibility of any economic activity.

Today, we are a more robust and cohesive industry, investing in the training and development of staff at all levels of the organizational pyramid, guided by a shared vision that values collective growth.

This path of sustained development is set to reach a turning point with the centralized marketing of audiovisual rights starting from the 2028-29

season. Professional Football has methodically prepared for this transition, adhering to the high standards that have propelled us from a state of technical bankruptcy in 2015 to this moment of affirmation. The Arena Liga Portugal stands as the ultimate symbol of this project’s maturity.

As the new home of Professional Football, the Arena will serve as an innovative platform for growth and international expansion, driven by the Liga Portugal Experience concept. This will become a vital source of revenue, helping to globalize the Liga Portugal brand.

Supporting Professional Football means supporting Portuguese Football—an economic sector that brings unparalleled prestige to our country. The national sports agents who showcase this excellence globally reinforce the strength of these achievements. The pride in this journey is immeasurable, as is the gratitude owed to all the Sports Societies. Together, we will continue forward.

Principal, Strategy and Transactions, Head of Sports, Portuguese Cluster,

“Football continues to be an essential part of building our collective identity. In 2023-24, more than 4 million people attended matches in Portuguese stadiums, reminding us that this sport is not just a game: it is entertainment, economy, culture, a meeting point between generations.

2023-24 Season : the beginning of a new cycle

It is with great pleasure that I present the eighth edition of the Portuguese Professional Football Yearbook, a publication that has become an essential reference for all Football enthusiasts eager to deepen their understanding of this sport that ignites such passion within us.

The 2023-24 season marks the conclusion of the 2019-23 strategic

cycle, a period distinguished by several significant achievements by Liga Portugal that deserve recognition: the approval of the law enabling the centralization of audiovisual rights, the launch of the Thinking Football Summit, the construction of the new headquarters, and the corporate reorganization that allowed Liga Portugal to grow commercially and consistently achieve positive financial results.

This season also signals the beginning of a new strategic cycle, 2023-27, which will be pivotal for the continued development of Liga Portugal and the Sports Societies, with Portuguese Professional Football already making a strong start.

In 2023-24, Portuguese Professional Football contributed over €662 million to the national GDP (0.25% of the total), generated more than 4,400 jobs, and delivered over €268 million in taxes to the State.

Even with a less positive performance by Portuguese teams in European competitions compared to the 2022-23 season, Professional Football remains one of the most significant industries in the national economic landscape, demonstrating its resilience and structural impact.

This confirms that, with more favorable conditions – namely lower context-related

costs – the sector could not only increase its economic relevance but also become more competitive at an international level.

In this context, the boost in competitiveness driven by the centralization of audiovisual rights, set for 2028, will be key to elevating the product, expanding the fan base, and fostering the sustainable growth of clubs.

EY has had the privilege of accompanying Liga Portugal on this journey of professionalization. From strategic planning to the production of this Yearbook and other initiatives, we have worked to ensure that Portuguese Football continues to lead with innovation and professionalism. Projects like the Thinking Football Summit, where EY has been a collaborator since its inception, exemplify how Liga Portugal is reshaping the sector’s vision, focusing on building a resilient ecosystem ready to compete on a global scale.

Football remains a fundamental element in shaping our identity. In 2023-24, more than 4 million fans attended stadiums, reminding us that this sport is far more than just a game— it is entertainment, an economic driver, a cultural force, and a bridge between generations.

Summary

2023-24 season review

The 2023-24 season marked the start of the new 2023-27 strategic cycle, built around five key axes: commitment to the fan, elevation of the game, credibility through professionalism, unity among stakeholders, and Football with social responsibility.

One of the most notable changes was the new Allianz CUP format, featuring 37 matches that increased competitiveness while reducing calendar events.

With the fan at the center of the strategy, the season was highlighted by the success of the “Football is You” campaign, attracting over 4 million spectators to professional competitions and setting a new attendance record.

The pre-operation phase of the new Liga Portugal headquarters also marked a key milestone, introducing an innovative space that connects professional and nonprofessional Football, promoting cohesion and strengthening the sports’ ecosystem.

The Portuguese Professional Football Yearbook is the result of a strategic collaboration between Liga Portugal and EY. The eighth edition analyzes and quantifies the direct financial, economic, and social impact of Professional Football during the 2023-24 season, emphasizing the sector’s global significance.

This season marks the beginning of a new strategic cycle with the implementation of the 2023-27 strategic plan. This phase, known as the Affirmation phase, focuses on setting clear objectives and consolidating a strong organizational structure. The document outlines the five companies that currently form Liga Portugal, detailing their strategic goals and key activities. The financial section tracks the evolution of income and expenses, providing a transparent overview of Liga Portugal’s growth. It also highlights the main partners and sponsors supporting the competitions, underlining the increasing commercial value of Professional Football.

The economic impact of Professional Football on the national economy is a key focus of the document. Although there was a slight decrease in Gross Value Added (GVA) compared to the 2022-23 season—mainly due to the performance of Sports Societies in European competitions—Football continues to play a vital role in the national economy. In 2023-24, it contributed over 662 million euros to GDP, created 4,400 jobs, and generated more than 268 million euros in taxes.

The competition analysis section highlights a record-breaking 4 million stadium admissions for the main competitions (Liga Portugal Betclic and Liga Portugal 2 Meu Super), alongside key financial indicators for each league. This edition also features nonprofessional competitions, such as Liga Portugal Youth, Liga Portugal Legends, and the three eSports competitions (Liga, Cup, and Super Cup), demonstrating Liga Portugal’s commitment to innovation and the expansion of the competitive ecosystem, aimed at attracting new audiences and diversifying revenue streams.

Lastly, the Yearbook addresses the future of Portuguese Professional Football from a strategic perspective, outlining the key trends and transformations expected to shape the sector. Covering both financial and sporting challenges, the final chapter offers insights into the areas that must be developed to ensure the sector’s sustainable growth. In line with its 2023-27 Strategic Plan, Liga Portugal is implementing solutions to overcome national Football’s challenges and position it for a bright future, ensuring its prominence on the global stage.

In summary, we believe this Yearbook remains an essential resource for understanding the current state of Professional Football in Portugal, as well as the measures being taken to consolidate and expand its economic and social influence, securing its relevance in the future of sport and society.

Chapter 1 Liga Portugal and its work

After two strategic cycles focused on recovery (2015–19) and consolidation (2019–23), Liga Portugal began a new strategic cycle in the 2023–24 season, aiming to establish itself as the driving force behind Portuguese Football’s development.

Liga Portugal’s mission, vision and values

Mission To ensure competitions are organized with excellence and with complete regard for the economic and ﬁnancial sustainability of the institutions and their associates.

Vision Values To assume itself as one of the most important leagues in Europe, while being compliant with international practices and adding both economic and sportive value to Portuguese Professional Football.

Credibility

In all aspects, both in its competitions and in the management of the business

Strategic plan 2023–27

Aggregation

Creating the conditions to safeguard Football’s best interests

Talent

Both in competitions and its players, as well as in the industry as a whole

Liga Portugal has outlined a strategy for the 2023–27 period based on five pillars:

Commitment to supporters

Position the fans at the center of the strategy by understanding them, bringing them closer to Football and increasing their awareness.

Uniting all parties

Align the interests of various stakeholders through a collaborative effort to enhance the value of Football.

Enhancing the product

Establish Liga Portugal’s competitions as top-tier entertainment events, while improving the image of Portuguese Professional Football.

Spectacle

Gathering ingredients for competitions to be more and more spectacular, inside and outside the stadiums

Credibility through professionalism

Promote the reputation of the Football industry by fostering professionalism and contributing to its growth and stature.

Social responsibility through Football

Leverage Football as a vehicle for social responsibility, given its significant media presence and social impact.

Source: Liga Portugal

First achievements of the 2023–27 cycle

In the first season of the current strategic cycle, Liga Portugal has already achieved significant milestones as a result of the growth and credibility gained in recent years. With a clear commitment to professionalization, product enhancement and fan engagement, Liga Portugal has taken significant steps toward realizing the vision outlined for the future of Portuguese Professional Football. Among these achievements, the following stand out:

President of Liga Portugal appointed to the leadership of European Leagues

The appointment of President Pedro Proença as the new president of the European Leagues Association and his integration into the UEFA Executive Committee reflect the international recognition of the work carried out by Liga Portugal and its Sports Societies. This distinction also prompted the establishment of an International Relations subdepartment, strengthening the representation and interests of Portuguese Football in the European and global landscape.

“O Futebol és Tu!” campaign

Launched during the 2023–24 season, the 360-degree campaign “O Futebol és Tu!” (“Football is You”) aimed to attract more fans to the stadiums and strengthen the connection with the public. The initiative achieved an impressive result, with over four million fans visiting the stadiums of leagues I and II during the 2023–24 season, contributing to a record number of spectators in Professional Football competitions in Portugal.

Naming sponsor Liga Portugal Betclic

In the 2023–24 season, Liga Portugal signed the most substantial contract in its history with Betclic, granting the sports betting brand the status of naming sponsor for the top Portuguese Football competition. In addition to this partnership, the season was also marked by the start of partnerships with Continente and Puma. These agreements reinforce Liga Portugal’s growing relevance, solidifying its position as a key partner for leading brands across various sectors.

Arena Liga Portugal

After two years of construction, Arena Liga Portugal, a modern and innovative space designed to strengthen the Football ecosystem and its connection with fans, entered the pre-operation phase in the 2023–24 season. During this period, circulation routes were defined, along with multiple support services and facility management. In addition to being a functional infrastructure, Arena Liga Portugal is intended to be a meeting and celebration point, fostering unity between professional and nonprofessional Football.

Source:

Liga Portugal’s organizational structure

Liga Portugal is organized in a representative and participative model, with bodies for deliberation, administration and management of the entity, and several departments with operational competence.

Liga Portugal’s organizational structure in the 2023–24 season

Liga Portugal’s President Member

Executive Director Executive Director Board

Executive board assistance

Competitions

Pedro Proença

Coordinator Executive Director

President Helena Pires

José Carlos Oliveira Rui Caeiro

Integrated management system

Financial oversight and licensing

Legal

Chief of staff

Filipe Pais

Executive Director

Vasco Pinho

Legal and judicial support

Human resources

Technology

Strategic planning

Financial

Communication, contents and media

Liga Portugal’s corporate structure

Liga Portugal is responsible for the core activities of the institution — the associative activity and the organization of professional competitions. The remaining activities are divided among the five companies.

Liga Portugal’s corporate structure in the 2023–24 season

Liga Portugal reorganized its corporate structure, autonomizing its activities in different business units.

The restructuring facilitated the financial consolidation of all companies and the integration of their activities.

Real estate management

Management of the new building

Ofﬁcial products

Commercial and sponsorships

Marketing, events and activations

Business development and internationalization

Associate and institutional activity

Exploitation of professional competitions

Education and training

Entrepreneurship

Development of studies

Social responsibility

Centralization of broadcasting rights

Liga Portugal Infraestruturas

The 2023–24 season was pivotal for Liga Portugal Infraestruturas. The development of the Arena Liga Portugal — a landmark of innovation, sustainable development and excellence in Professional Football — reflects the transformative impact of this entity.

Mission To make Portuguese Professional Football grow and expand, in full awareness that its responsibilities go far beyond the organization of competitions.

Objective To enhance, manage, promote and leverage the real estate assets of Liga Portugal.

Strategic objectives

All objectives were achieved, except for the opening of the new headquarters building, Arena Liga Portugal, whose construction extended into the beginning of the 2024–25 season.

Continue managing the Lisbon building.

Negotiate and formalize agreements with various partners for the business areas of the new building that will be operated by third-party entities.

Negotiate and formalize agreements with key service providers for the assistance and regular maintenance of the new headquarters building.

Begin the operation of the new headquarters building — Arena Liga Portugal.

Source: Liga Portugal

Arena Liga Portugal — pillars

� Liga Portugal headquarters — three floors reserved for the day-to-day work of Liga Portugal’s departments

� Liga Portugal training — a floor reserved for trainings within the scope of Liga Portugal Business School

� Work meetings, events and other activities of the Sports Societies

� Liga Portugal BISTRO — facilities for fans to socialize

� Liga Portugal LEGACY — technological and digital space with a focus on Liga Portugal and its history

� Liga Portugal KIDS — space dedicated to children

� Incubator for companies, coworking and startups — two floors reserved for this scope

� Arena Liga Portugal Experience — five business units that will work in an integrated way to provide a unique experience for Football enthusiasts

� Liga Portugal STORE — a shop dedicated to the official products of the clubs that participate in Liga Portugal’s competitions

� Conference center — a set of spaces available to national and international events

� Arena LAB — a facility dedicated to sports activities and performance enhancement, aimed at developing sports skills

Source: Liga Portugal

Arena Liga Portugal Experience — value proposition

Arena Liga Portugal aims to create a memorable and unique experience for everyone through carefully designed commercial and experiential spaces.

To achieve this, Liga Portugal has defined three guiding pillars for the overall value proposition:

IMMERSIVE brand

The focus is on the experience. It is essential for the fan to make the most of their visit.

INTERACTIVE brand INCLUSIVE brand

A personalized digital experience with innovative features will create the “wow” factor.

Arena Liga Portugal Experience — themed spaces

It serves as a platform for unity, equality and the democratization of diverse national Football clubs.

The Arena Liga Portugal Experience is made up of five themed spaces, which work together and contribute to the reinforcement of the Liga Portugal brand.

� A multisport space with a Football pitch and various experiences that blend technology and sport, such as game simulations, performance analysis and other interactive activities.

� A space dedicated to children who want to explore the world of Football and try out various professions related to the sport.

� A technological and digital museum dedicated to the rich history of Portuguese Professional Football, with permanent and temporary exhibitions that celebrate iconic people and moments.

� A welcoming and modern restaurant and bar where fans and the Football community can socialize and experience the best of Portuguese cuisine, promoting interaction between sport and society.

� A fully renovated store with a spacious area completely dedicated to the clubs represented in the professional competitions, where official products will be sold.

Liga Portugal Comercial

The goal of Liga Portugal Comercial is to strengthen the commercial dimension of Liga Portugal and the Sports Societies. This includes the creation and promotion of products related to Portuguese Professional Football competitions, as well as organizing events.

Mission Its mission includes the production, promotion and marketing of products related to its competitions.

Values Its values are based on the fact that Liga Portugal organizes all its activities, always striving to elevate Portuguese Professional Football, its competitions, clubs, sponsors, partners and other stakeholders in the sector.

Strategic objectives

For the 2023–24 season, Liga Portugal Comercial established new strategic objectives, organized into three key areas:

Commercial and sponsorships

Implement the governance model with partners and sponsors.

Marketing, events and activations

Business development and internationalization

Maximize the Advertising Value Equivalency (AVE) for Liga Portugal’s sponsors and partners.

1 4 7 2 5 8 3 6 9

Achieve the objectives defined in the income statement.

Increase the attendance in stadiums. Sign of the MoU with LaLiga.

Monitor the KPIs in events.

Execute the plan for participation in international fairs.

Implement and monitor the “Futebol és Tu!” campaign.

Define the broadcasters of the Allianz Cup 2024 to increase distribution.

Source: Liga Portugal

Thinking Football Summit 2023

During the 2023–24 cycle, the second edition of the Thinking Football Summit took place at the Super Bock Arena in the city of Porto. This edition featured:

Thinking Football Summit 2023 partners

Final Four — innovative initiatives for product elevation

Fan Zone

For the fourth consecutive year, Leiria hosted the Allianz Cup Final Four. As in previous editions, the Fan Zone, located in the city center, offered countless moments of entertainment to thousands of visitors who passed by.

Ministadium

The Fan Zone ministadium hosted a variety of activities and games, with the highlight being the Taça da Liga Legends, where Estoril Praia was crowned champions of the 2023–24 edition.

Comedians Vítor Sá, Luana do Bem and João Pedro Pereira delivered a true “pre-match“ experience in a stand-up comedy show.

The eighth edition of the Fan Race took place on 27 January 2024, featuring two categories: a 10-km race and a 5-km walk.

Ivandro headlined the Fan Music powered by Continente, setting the stage for the Final Four.

Fan Race Fan Music by Continente

A competition with innovation

Innovation and a strong commitment to technology were key elements at the Allianz Cup Final Four. Through various technologies and innovative activations, Liga Portugal provided new experiences for fans and Football enthusiasts.

The space offers attractions for all families, featuring foot billiard, the SportTV area, the kick meter and arcade game machines.

In addition to the Meet&Greet area, which hosted several influencers, the multiball activity also attracted large numbers of people eager to participate.

Fan tent Digital Spot

Liga Portugal Business School

The Liga Portugal Business School aims to promote knowledge to make Football increasingly professional. In this regard, it has been developing training solutions that build skills and nurture the talent of sports professionals.

Mission The mission is to develop training solutions to create skills and build speciﬁc knowledge about Professional Football, with the aim of increasing the level of training in the sector.

Values Liga Portugal Business School focuses particularly on one of Liga Portugal’s core values: talent.

Strategic objectives

For its area of training, the objectives of Liga Portugal Business School are to:

1 2

Increase the number of applications for postgraduate degrees.

Improve the syllabus, providing a greater practical component, namely through contact with the structures and key figures of Professional Football.

Create continuous and initial training courses to ensure that the minimum registration numbers for each are met.

Postgraduate degrees promoted in the 2023–24 season

Postgraduation in organization and management within Professional Football

Create a greater training offering that meets the needs of Portuguese Professional Football.

certiﬁed students

Postgraduation in communication within Professional Football

certiﬁed students 40

Key highlights in the 2023–24 season

Liga Portugal Business School continues to establish itself as a reference in training Football professionals. In the 2023–24 season, it achieved significant milestones, demonstrating its commitment to promoting knowledge, excellence and innovation.

Record number of registrations in the Delegates Preparation program

The fourth edition of the Delegates Preparation program had 91 participants, setting a new registration record.

Preparing the new home of Liga Portugal Business School

This space will feature an exclusive floor of over 600m², equipped with state-of-the-art technology to provide all students with the best possible experience and serve as an additional tool for the professionalization of Portuguese Football’s stakeholders.

Launch of a new subject in the CPBS management degree1

The “Management in Professional Football” elective was added to the CPBS management degree, with 30 students enrolled in its first edition.

New sports executives program

In response to a request from National Association of Football and Futsal Executives (ANDIF), a new program for sports executives has been launched.

Source: Liga Portugal

1. CPBS: Católica Porto Business School

Fundação do Futebol

Fundação do Futebol aims to strengthen the connection between Football and the community, promoting a more inclusive and sustainable society. To achieve this, it leverages the prominence and media impact of Professional Football as a significant promoter of social causes.

Mission It acts as an aggregating element, harnessing the popularity of Football, its players and professional competitions, in the promotion of social responsibility and environmental sustainability.

Values Tolerance

To foster a more tolerant society through the communicational power of football

Aggregation

To aggregate all the stakeholders of the Fundação do Futebol — Liga Portugal

Respect

To foster the dissemination of the value of respect for an increasingly positive Football environment

Education

To increase the levels of education and qualiﬁcation in the industry

Strategic objectives

The main strategic objectives that guide the work of Fundação do Futebol:

Commitment

To use the power of Football in favor of society, with the commitment of all sports and non-sports agents

Promote the essence of Fundação do Futebol, consolidating the positioning of its activities and establishing collaboration with leading social and environmental organizations.

Promote the joint and responsible participation of Sports Societies, stakeholders and the public.

1 5 2 3

Contribute to the dissemination of Fundação do Futebol’s values in sports, particularly in Football.

Promote awareness of social responsibility and environmental sustainability in Professional Football, through value creation for all stakeholders.

Source: Liga Portugal

Promote the image of Liga Portugal and Sports Societies as active agents in the areas of social and environmental intervention toward their stakeholders, nationally and internationally.

A Fundação do Futebol − Liga Portugal

Since its creation in 2018, Fundação do Futebol aims to intervene in the Portuguese civil society, through five main areas of interventions:

Science at the service of Football

Encourage research, training and innovation in Football and society.

Social inclusion

Create opportunities for disadvantaged groups, promoting equality and social integration.

Environmental sustainability

Implement policies and practices that integrate education and entertainment.

Great humanitarian causes

Support humanitarian causes and conduct campaigns to uphold fundamental societal values.

Value protection

Promote respect, integrity and social inclusion in Football and society.

Source: Liga Portugal

Some of Fundação do Futebol projects in the 2023–24 season, by area of intervention:

Footparks

� Area of intervention: Protection of values;

� Purpose: This project strives to bring joy to hospitalized children by transforming sports equipment into hospital gowns, thereby indirectly contributing to a healthy recovery;

� This project seeks to strengthen the connection between communities and Football, while providing support to physically and emotionally fragile children, ultimately aiding in the enhancement of pediatric health.

Liga-nos o Talento

� Area of intervention: Science at the service of Football;

� Purpose: This project encourages the connection between nonprofessional and Professional Football by supporting local associations in promoting sports participation and fostering young talent;

� As part of this initiative, official Footballs and financial support were provided to 22 Football associations, recognizing their local efforts and highlighting the positive impact of sports on the social and cultural development of communities.

� Area of intervention: Social inclusion;

� Purpose: This project aims to create inclusive sport spaces that promote healthy lifestyles through the construction of 32 mini Football fields across various locations;

� The objective of this project is to strengthen the connection between local communities and sports, while fostering sustainability, social inclusion and economic development.

First International Congress of Sports Foundations

� Area of intervention: Science at the service of Football;

� Purpose: The Congress aimed to foster discussions that connect Professional Football and social intervention, focusing on environmental sustainability, community engagement and innovative initiatives for a more positive future in Football;

� Throughout the event, national and international experiences and best practices were shared, highlighting ways to bring clubs closer to their communities and drive meaningful societal change.

Liga das Ligas

� Area of intervention: Protection of values;

� Purpose: This project focuses on showcasing the great values associated with sports, specifically Football, through storytelling in multimedia productions;

� This project aims to highlight values associated with Football and foster a deeper connection with fans by addressing meaningful topics through exhibitions that explore the relationship between Football and the lives of its supporters.

Other projects

� EcoEvento

� Liga Portugal Youth

� Respeito

� Crescer 2024

� Area of intervention: Major humanitarian causes;

� Purpose: This campaign, launched in partnership with Betclic, aimed to raise awareness about the opportunity to donate 0.5% of one’s personal income tax to a social solidarity institution;

� Throughout the league’s 27th round, each match was dedicated to a specific social institution. Leaflets bearing the institution’s name and tax identification number were handed out at the stadiums and highlighted during broadcasts to inspire fan contributions.

� Monthly Social Responsibility Award

� Moda Lisboa

Esta Bata tem Poderes

Coração Futebol

Relevant numbers from the 2023–24 season

Social responsibility awards given

Of which:

548 29% in the area of value protection

Social responsibility actions

Increase compared with the previous season

100%

292 4%

Social responsibility actions

Of which:

181 in the area of social inclusion

All Sports Societies participated in the activities promoted

155

Source: Liga Portugal

Increase compared with the previous season in the area of value protection

89 in the area of science at the service of football

Social responsibility awards 2023–24

The social responsibility awards given by Fundação do Futebol promote and praise the effort of Sports Societies for their actions that create value for society, stimulating the creation of campaigns.

July 2023

FC Porto

“Resumo Inclusivo”

Based on the principle that Football “is for everyone and by everyone,” FC Porto provided match highlights with sign language translation and audio description, allowing people with hearing and visual impairments to follow the games.

Estoril Praia

“Grande é quem muda o Mundo”

With the start of the new season, Estoril Praia launched the new sports kits in an innovative and unique format, under the banner of sustainability.

August 2023

September 2023

A.C. Viseu

“Dá sempre a mão ao outro. Diz não ao bullying”

On World Anti-Bullying Day, A. Viseu FC released a video that highlighted the harsh reality of bullying. The video advocated for companionship and respect.

October 2023

Belenenses

“Todos podem fazer a diferença”

In a joint initiative with KUBOO Self-Storage and the Portuguese Institute of Blood and Transplantation, Belenenses promoted a blood donation and bone marrow donor registration campaign.

November 2023

SC Braga, FC Vizela, Benfica, SC Farense, Estrela Amadora and CD Feirense

Six awards were given for activities promoting social inclusion, solidarity and awareness through various social actions and visits to institutions.

Casa Pia AC

December 2023

“O que se ouve da bancada, depende de si”

Casa Pia AC released a video in which young players described the insults they hear from the stands and, in contrast, what they would like to hear, as a way to appeal for more positive messages.

Fundação Sporting

“Leões na Academia Johnson”

Sporting CP visited the Johnson Academy, promoting the development and social integration of children and young people from the Cova da Moura neighborhoods.

UD Leiria

“Laço Dourado”

In line with the Liga Portugal campaign, UD Leiria launched the third kit in shades of gold on International Childhood Cancer Day.

Rio Ave FC

“Às fintas da vida respondemos com solidariedade”

Rio Ave Social contributed to the support of Ricardo’s physiotherapy; Ricardo suffered a severe accident.

Portimonense SC

“Junta-te a nós e vamos ajudar”

Portimonense exchanged nonperishable food and hygiene products for free tickets, supporting APAV, CRACEP and the Bom Samaritano Children’s Home.

Fundação Torreense CD Santa Clara

“Dar sangue é um ato de amor!”

In partnership with the Torres Vedras Blood Donors Association, the Torreense Foundation held a blood donation session.

“Ajudar quem ajuda!”

In the last game of the season, Santa Clara donated the ticket sales proceeds to the Ponta Delgada firefighters, in response to the fire at the Hospital do Divino Espírito Santo.

Liga Portugal Centralização

As part of the centralization of broadcasting rights, Liga Portugal created Liga Portugal Centralização. This new institution aims for a more attractive and competitive Portuguese Professional Football with a greater international projection.

Mission The Decree-Law of March 2021 requires the centralized commercialization of broadcasting rights beginning in the 2028–29 season, and it is necessary to prepare now. Based on this premise, the Liga Portugal Centralização was created.

Objective Values Credibility Aggregation Talent Spectacle

The goal is to study and deﬁne a proposal for a new centralized model for the commercialization of broadcasting, multimedia rights and other audiovisual content for Portugal's Professional Football, including strategies for their market introduction.

Defined goals

Liga Portugal Centralização has been developing its activity which focuses on the pursuit of the following goals:

� Deliver a draft of the collective commercial negotiation model for audiovisual rights to the competition authority and the government by June 2026;

� Implement the collective model starting in the 2028–29 season, with the fundamental purpose of developing and elevating Portuguese Professional Football.

Strategic objectives

The main objectives that guide the day-to-day tasks of Liga Centralização are:

Definition of the general conditions for the exploitation of contents.

1 5 2 6 3 7 4 8

Evaluation of scenarios regarding the anticipation of the centralization process.

Models and criteria for the distribution of overall revenue. Liaison with the competition authority.

Definition of the models and conditions of the sales lots.

International markets expansion plan.

Development of an action plan to improve the fight against piracy.

Strategy to improve the audiovisual products and brand of the competitions. Source:

Status of the activities for centralization

During the 2023–24 season, the Liga Portugal centralization carried out:

Meetings with technical groups

Other meetings 19 2 6 2 1 21

Meetings with the national competition authority

Milestones calendar

� Publication of Decree-Law No. 22-B/2021

Board meetings Meetings with Sports Societies

Status update at the Presidents’ Summit

� Status update at the Presidents’ Summit

� Draft audiovisual regulation and economic control regulation

� Request for Proposal concept

� Coordination with the Competition Authority

� Company establishment in November 2021

� Inclusion of new board members

� Launch of working subgroups in May 2022

� Status update at the Presidents’ Summit

� Liaison with the competition authority

� Beginning of the draft of the commercialization model

� Presentation of the centralized commercialization model proposal to the competition authority

� Beginning of the centralized commercialization of the broadcasting rights of the matches of Liga I and II

� Market launch of the tender for the centralized commercialization of television and multimedia rights for the Liga I and II Football matches

Financial results of Liga Portugal

For the ninth consecutive year, Liga Portugal presented positive operational results, recording around €29m euros in revenue, with professional competitions accounting for 75% of this amount.

Evolution of Liga Portugal’s revenue structure1

Source: Liga Portugal

Major commercial agreements in 2023–24

3 4 9 1

Main sponsors

Ofﬁcial sponsors of Liga Portugal competitions

Ofﬁcial sponsors

Ofﬁcial sponsors of Liga Portugal

Ofﬁcial partners

Ofﬁcial partners of Liga Portugal

Allianz Cup sponsors

Ofﬁcial sponsors of the Allianz Cup

Final Four sponsors

Ofﬁcial sponsors of the Final Four Allianz Cup

Source: Liga Portugal

Evolution of Liga Portugal’s cost structure

Support for Sports Societies in 2023–24

Evolution of the net results of Liga Portugal

9th consecutive year with a positive net result distributed to the Sports Societies in the 2023–24 season1 9.8m

Source: Liga Portugal

1. Includes direct and indirect distributions to the Sports Societies.

Chapter 2

The

impact of Portuguese Professional Football Economic, cultural and social

The impact of Portuguese Professional Football

Professional Football plays an important role not only in the economic sphere, through the creation of wealth and employment, but also in the social and cultural sphere, due to its ability to unite communities and inspire people.

Football has a relevant impact on Portuguese society

Football is a universal language, capable of inspiring and uniting communities, with significant social, cultural, and economic dimensions. This yearbook places a greater emphasis on the economic aspect, measuring the impacts of the aggregate results of Liga Portugal and the Sports Societies.

Professional Football is more concentrated in the North and in the Lisbon Metropolitan Area

There is a high concentration of Sports Societies in the northern region of the country, with 18 of them spread across the area.

The Lisbon Metropolitan Area (AML) is home to seven Sports Societies. Out of the total 34 Sports Societies, only nine (26%) are in the central region, Algarve and islands.

Impacts on the economy

Portuguese Professional Football produces direct, indirect and induced impacts on the economy. This yearbook focuses on the direct impacts of Sports Societies and Liga Portugal.

Impact drivers Direct impacts Indirect impacts Induced impacts

Competitions

Entity

Sales and services provided

External supplies and services

Transfer balance

Other operational results

Job positions

Tax payments

Events

Economic activity generated by the value chain as a result of the direct impacts from professional football

For example, the income from restaurants on match days, sports betting, gaming and tourism

Economic activity supported by increased consumption in the economy, stemming from the direct and indirect employment impacts generated by professional football

Source: EY analysis

Contribution to the GDP

Portuguese Professional Football accounted for 0.25% of Portugal’s total GDP in 2023–24

1% decrease in 2023–24

Liga Portugal and the Sports Societies contributed €662m to GDP (0.25%) in 2023–24.

There was approximately a 1% decrease compared with the previous season, partly due to a significant drop in other income and gains, including UEFA Champions League prizes.

It is worth noting that this figure does not include the indirect and induced impacts of Professional Football on the national economy.

Football’s

In 2023–24, Liga Portugal and the Sports Societies had an estimated contribution of €662m to Portugal’s GDP:2

Employment and job positions1

In the 2023–24 season, Portuguese Professional Football employed 4,436 people and awarded over €424m in salaries. Players accounted for more than 35% of the jobs.

Job positions

The total number of jobs reaches a historic high

4,436

27% increase in 2023–24

Liga Portugal and the Sports Societies were directly responsible for 4,436 jobs, of which 3,239 were in Liga Portugal Betclic.

Athletes are the highest-paid sports professionals, with a total salary amounting to €294m.

In 2023–24, Liga Portugal and the Sports Societies generated the following jobs:1,3

Fiscal contributions

The tax contributions related to the remuneration of sports professionals — personal income tax and social security — remain the largest share of Sports Societies’ fiscal and parafiscal costs.

Fiscal contribution

18% increase in 2023–24

Fiscal contributions continue on an upward trend

The largest portion of fiscal contributions is related to the remuneration of sports professionals, explaining the higher fiscal contribution in Liga Portugal Betclic. Personal income tax and social security contributions amounted to €216m, representing 81% of the total fiscal contributions.

In 2023–24, Liga Portugal and the Sports Societies registered the following fiscal contributions:2

Detailed fiscal impacts of the Sports Societies in the 2023–241,2

Impact Detail

Players

Coaches

(IRS)

Staff

Unspeciﬁed others

€57m Social

Coaches

Staff

Unspeciﬁed others

Impact Detail

€38m

Value-added tax (VAT)3

€5m Corporate income tax (CIT)

€9m Other taxes

Unspeciﬁed others4

Levied on income

Levied on signings

Unspeciﬁed others

Source: Liga Portugal

1. The analysis was based on the most recent historical information available. For more details, see the study methodology section.

2. Fiscal data from Länk Vilaverdense are not included due to lack of information.

3. VAT delivered after deductions.

4. Other non-specified revenues include merchandising.

Liga Portugal 2 Meu Super

Liga Portugal Betclic

Chapter 3 Liga Portugal competitions

Attendance and financial

Liga Portugal Betclic

Sporting CP won the main national title in 2023–24, followed by SL Benfica and FC Porto.

Three years later, the national title returned to Alvalade, with Sporting CP celebrating their triumph in the Liga Portugal Betclic. Under the leadership of Rúben Amorim, who secured his second title at the helm of the lions, the green and white team finished with 90 points, the second-best record in the history of the competition.

Matches played in the competition

Media exposure value in editorial coverage

306 €1.708m 3.7m

Total number of fans in the stadiums

The show watched from the stands

Throughout the 2023–24 season, nearly four million people attended the Liga Portugal Betclic stadiums, registering an average occupancy of 66%. This figure represents a notable increase of 15 percentage points (pp) compared with the 2022–23 season, highlighting the success of the “O Futebol és Tu!” campaign.

Match attendance at the stadiums1

3.7 million

Total attendance in the stadiums Average stadium capacity utilization

12,117

Estrela Amadora

SC Braga

FC Vizela

Portimonense

Moreirense FC

Gil Vicente FC

FC Arouca

Boavista FC

GD Chaves

Casa Pia AC

Source: Liga Portugal

62,247 x

Attendance share of the big three in the overall total

Seventh matchday 29 September 8:15 p.m.

Average attendance and number of matches by kickoff time and day of the week

During the 2023–24 Liga Portugal Betclic season, 232 matches (76% of the total) were held on Saturdays and Sundays. The time slots with the highest average attendance were Fridays between 6 p.m. and 7 p.m., and weekends between 8 p.m. and 9 p.m. Despite variations in days and match times, the primary factors influencing average attendance are the teams involved in the matches and the timing within the season.

Average ticket price

On average, the difference between the highest and lowest prices charged by a Sports Society was €21. Sporting CP, Gil Vicente FC, FC Porto, Boavista FC and Moreirense FC were the clubs that showed the greatest disparities in

prices between matches.

Sports societies with the highest average price differential between matches: Source:

Matches with the highest average price

Media return

In the 2023–24 edition of Liga Portugal Betclic, the estimated media return reached €1,708m. In this edition, the contribution of online media recorded a notable growth (an increase of 29% compared with 2022–23), despite television remaining the most dominant medium.

Broadcast of matches on television1

The broadcasting rights for Liga Portugal Betclic games are held by two channels: Sport TV and Benfica TV. Sport TV broadcasts all matches in the competition except for those played at Estádio da Luz, the home of SL Benfica, which are exclusively broadcast by the club’s channel.

Currently, the negotiation of audiovisual rights is conducted individually by each Sports Society.

The media return of the competition (AVE1)

The media return of Liga Betclic increased by 6% compared with the previous season, reaching €1,708m. Television remains the leading medium, accounting for 63% of the total, while online platforms contributed €545m, including €14m generated through social media interactions.

Key value-creating areas

Source: Liga Portugal

Transfer market

In the 2023–24 season, total revenue reached €251m, reflecting a 7.3% increase in investment compared with the previous season (€234m). This growth enabled the Sports Societies of Liga Portugal Betclic to sign a total of 377 players.

Player signings1,2

In 2023–24, there was a decrease in the entry of new players into Liga Portugal Betclic compared with the previous season. The share of transfers among athletes from the Sports Societies of Liga Portugal Betclic decreased by 1 percentage point, as well as the entry of athletes from Liga Portugal 2 Meu Super by 2 percentage points. On the other hand, the share of players coming from foreign leagues increased by 3 percentage points. The summer market accounted for 75% of the total signings of athletes for Liga Portugal Betclic, and center back was the most recruited position in the 2023–24 season, similar to the previous season.

Main data on signings

In 2023–24, 230 players were transferred from Liga Portugal Betclic to foreign leagues (63% of the total). These departures totaled €361m, corresponding to 90% of the total value of departures. The summer was the most active market, accounting for 75% of all departures in the 2023–24 season, and the most transferred positions were center back and striker.

Main data on departures

Income statement

In the 2023–24 season, the Sports Societies of Liga Portugal Betclic generated €1,024 billion in revenue, registering an 8% increase compared with the 2022–23 season.

Total revenue

€1,024m

8% increase in 2023–24

Revenues generated from the sales of athletes’ rights and competitions represent the most significant source of income

Revenues from athlete rights, audiovisual rights, and competitions are the most significant, accounting for 31%, 18% and 16% of the total, respectively. Compared with the previous season, there is a greater concentration of revenues at the top of the standings. In the 2022–23 season, positions one to three represented 57% of total revenue, which is attributed to Sporting CP’s return to the podium of the competition.

Evolution of the aggregate revenue of the Sports Societies1

Distribution of audiovisual and commercial rights revenues of the Sports Societies in 2023–24

Distribution of revenues in the 2023–24 ranking

Main revenue streams

In 2023–24, the Liga Portugal Betclic Sports Societies generated the following revenues:

Audiovisual rights are more important for smaller

Sports Societies

Audiovisual rights revenues are significant for the Sports Societies, especially for those ranked between seventh and 18th positions, where they represent, on average, 29% of the total revenue.

Despite a slight increase in the 2023–24 season due to the rise in broadcasting rights revenues, the trend has been a decrease in the dependency on this type of income for these Sports Societies. This shift is attributed to growth in commercial revenues and athlete rights transfers.

Impact of audiovisual rights on total revenue

Revenues from commercial activity, ticketing and merchandising have increased for the third consecutive year

The Sports Societies, with the support of Liga Portugal, have been implementing commercial strategies and fan engagement initiatives, yielding positive results reflected in their revenues.

In the 2023–24 season, compared with 2022–23, revenues from ticketing, commercial activities and merchandising increased by 7%, 16% and 47%, respectively.

Revenue from commercial activity, ticketing and merchandising

Income statement

In the 2023–24 season, the Sports Societies of Liga Portugal Betclic generated €1,024m in revenue, registering an 8% increase compared with the 2022–23 season.

Total expenses

Personnel expenses were the main driver of the increase in total expenses

€1,032m

12% increase in 2023–24

Personnel expenses and external supplies and services (ESS) were the largest expenditures for the Sports Societies, representing 44% and 24% of total expenses, respectively.

Compared with the 2022–23 season, personnel expenses saw the largest increase (around €21m). The increase in financial market costs (around €8m) is also significant, resulting from the rise in interest rates during the season. Similarly to revenues, expenses are more concentrated among the top three positions in the standings.

Evolution of the aggregate expenses of the Sports Societies1

Distribution of players and coaches’ salary expenses of the Sports Societies in 2023–24

Main expense streams

In 2023–24, the Liga Portugal Betclic Sports Societies generated the following expenses:

2023-24

Percentage of total revenue 2022–23 variation

Spending on players and coaches’ salaries continues to grow

The spending of the Sports Societies on player and coach salaries continues to grow, with increases of 6% and 5%, respectively. This increase is due to the rise in the number of players and coaches, which grew by 28% and 15%, respectively, resulting in a reduction in the average cost per player and coach.

Player and coach salaries accounted for 25% and 5%, respectively, of the total spending of the Sports Societies in Liga Portugal Betclic in 2023–24.

Players

and coaches’ salaries evolution

Revenue increase offsets the rise in personnel expenses

In the 2023–24 season, personnel expenses increased by 5% (+€21m). However, the proportion of personnel expenses in total revenues decreased by 1pp due to the 8% increase in total revenues (+€78m) in 2023–24.

Average weight of personnel expenses in total revenues

The financial position

The value of the assets and liabilities of the Sports Societies of Liga Portugal Betclic reached a new record in 2023–24. Seven Sports Societies reported a positive net result, the same number as in the 2022–23 season.

Total assets

€1,741m

13% increase in 2023–24

Year after year, the assets continue to break records

The main driver of asset growth was tangible fixed assets, which increased by approximately €99m (+31%) compared with the 2022–23 season. In addition to tangible fixed assets, intangible assets (+€70m) and other receivables (+€49m) also played a significant role in driving asset growth.

Evolution of the Sports Societies’ asset structure1

In 2023–24, the main components of the assets of the Sports Societies of Liga Portugal Betclic were as follows:

Sports Societies’ net result

The Sports Societies of Liga Portugal Betclic reported an aggregate net loss of €51m, marking a negative evolution compared with the 2022–23 season, in which they recorded an aggregate net loss of €15m.

In total, seven Sports Societies reported positive results.1

€1,810m

Total liabilities 15% increase in 2023–24

Liabilities increased once again, driven by the rise in amounts owed to suppliers, government entities and associated companies

Evolution

The main driver of liability growth was suppliers, which increased by approximately €122m compared with the 2022–23 season. In addition to suppliers, the state and associates also recorded increases of €34m and €28m, respectively.

In the 2023–24 season, noncurrent liabilities decreased in proportion compared with the 2022–23 season.

the Sports Societies’ liability structure1

In 2023–24, the main components of the liabilities of the Sports Societies of Liga Portugal Betclic were as follows:1

Source: Liga Portugal

Liga Portugal 2 Meu Super

CD Santa Clara wins Liga Portugal 2 Meu Super with 73 points and returns to the main division.

The 2023–24 season was marked by a fierce battle, culminating in the last round’s match between CD Santa Clara and CD Nacional, which saw the Azorean team crowned as Liga Portugal 2 Meu Super winners.

One year after relegation, Ponta Delgada’s “encarnados,” led by Vasco Matos, will compete in the top tier of Portuguese Football for the ninth time.

306 €523m

Matches played in the competition

Media exposure value in editorial coverage

556 million

Total number of fans in the stadiums

The show watched from the stands

The 2023–24 edition of Liga Portugal 2 Meu Super saw 556,000 fans in the stadiums, registering a remarkable increase of 64% compared with the 2022–23 season.

Match attendance at the stadiums1

556 thousands

Total attendance in the stadiums

1,817

Average stadium capacity utilization

Académico de Viseu Santa Clara

Länk

Source: Liga Portugal

12,178

Attendance share of the top three ranked teams in the overall total

Second matchday 19 August 2:00 p.m.

Average attendance and number of matches by kickoff time and day of the week

Two-thirds of the matches took place on weekends before 5 PM, attracting over 350 thousands spectators in the stadiums. The match with the highest attendance in Liga Portugal 2 Meu Super was held before 5pm. The 2023-24 season recorded a total of 556 thousands spectators in the stadiums, 200 thousands more than in the 2022-23 season.

Average ticket price

In the 2023–24 edition, several games were held with free tickets. The highest prices were charged by SCU Torreense, which recorded an average of €12.5 over 14 games. In the 2022-23 season, the highest price was €15, representing a 17% decrease.

€12.5

14 matches with the highest average price

Sports societies with the highest average price differential between match days

Source: Liga Portugal

Talent with most exposure

The media return of Liga Portugal 2 Meu Super has been growing, driven by the increase in television broadcasts of the games and the growth of online platforms. In the 2023–24 season, the media return of the competition is estimated at €523m.

Broadcast of matches on television

The television broadcast of Liga Portugal 2 Meu Super games is handled by three channels: Sport TV, Benfica TV and Porto Canal. Matches involving the B teams of FC Porto and SL Benfica are broadcast on their respective Sports Society channels.

In the 2023–24 season, 68% of Liga Portugal 2 Meu Super matches were broadcast before 4 p.m.

Schedule of broadcasted matches

Source: Liga Portugal

The media return of the competition (AVE1)

The value of the editorial space reached €523m, reflecting a significant increase (+25%) compared with the previous season. Among the different media, online platforms consolidated their position as the main source of media return, accounting for 58% of the total value.

Key

areas

Source: Liga Portugal

Transfer market

In the 2023–24 season, 64 players from Liga Portugal Betclic joined Liga Portugal 2 Meu Super, and 42 players were transferred between Sports Societies of Liga Portugal 2 Meu Super.

Main data on transfers Inflows and outflows of players’ transfers1,2

Gabriel Silva

Palmeiras

CD Santa Clara

Moisés Mosquera

Marítimo M.

FC Juárez

Kento Misao

CD Santa Clara

OH Leuven

B teams: valorization of young talents

Players promoted from the B team to the main squad

Revenue from the sale of players who have passed through the respective B team

B teams play a significant role in sustaining the prominence and national and international recognition of young players.

In 2023–24, there was a significant decrease in the use of players promoted from the B team, with only 19 such promotions.

First team debuts since 2012–13

In the 2023–24 season, there was a slight decrease in the transfer value of players who came through the B teams, compared with the 2022–23 season.

Vitória SC continues to be the Sports Society with the highest utilization of players from the B team for the A team.

Athletes developed in B teams that played in a Big 5 League1 Athletes from the national team at the 2022 World Cup who were

Source: Liga Portugal

1. England, Spain, Italy, Germany and France.

B teams competing in the Liga Portugal 2 Meu Super in the 2023–24 season

Sales of athletes who have played for a B team since 2013–14

B teams matches broadcast on TV in the 2023–2024

Income statement

In the 2023–24 season, the Sports Societies of Liga Portugal 2 Meu Super recorded an increase in revenues, accompanied by an even more pronounced growth in expenses, resulting in a deterioration of financial performance.

Total revenue

17% increase in 2023–24

The revenues of the Sports Societies of Liga Portugal 2 Meu Super amounted to €49m, registering a 17% increase compared with the 2022–23 season. This increase is partly explained by the relegation of Santa Clara and Marítimo M. to Liga II.

The main drivers of revenue increase were commercial revenues (+€2m) and athlete rights (+€1m).

Societies1,2

In 2023–24, the main components of the revenues of the Sports Societies of Liga Portugal 2 Meu Super were as follows:2

Total expenses

€90m

43% increase in 2023–24

Personnel expenses were the main driver of the increase in total expenses

The total expenses of the Sports Societies of Liga Portugal 2 Meu Super amounted to €90m, registering a 43% increase compared with 2022–23. The main drivers of this increase were personnel expenses (+€21m) and external supplies and services (ESS) expenses (+€7m).

Evolution of the aggregate expenses of the Sports Societies1,2

In 2023–24, the main components of the expenses of the Sports Societies of Liga Portugal 2 Meu Super were as follows:2

Distribution of expenses in the 2023–24

Source: Liga Portugal

The financial position

In the 2023–24 season, both assets and liabilities of the Sports Societies of Liga Portugal 2 Meu Super increased. Three Sports Societies recorded a positive net result.

Total assets

The relegation of CD Santa Clara and Marítimo M. led to an increase in assets’ value

€90m

102% increase in 2023–24

The total assets of the Sports Societies of Liga Portugal 2 Meu Super in 2023–24 amounted to €90m, reflecting a 102% increase compared with the 2022–23 season.

The main drivers of this increase were other receivables (+€26m) and intangible assets (+€9m).

The relegation of Santa Clara and Marítimo M. also contributed significantly to the substantial growth in assets.

Evolution of the Sports Societies’ asset structure1,2

In 2023–24, the main components of the assets of the Sports Societies of Liga Portugal 2 Meu Super were as follows:2

Sports societies’ net result1

The Sports Societies of Liga Portugal 2 Meu Super reported an aggregate net loss of €45m, showing a negative evolution compared with the previous season when the net loss was €23m.

In total, three Sports Societies reported positive results.

Total liabilities

€151m

56% increase in 2023–24

Liabilities surged, reaching an all-time high

The Sports Societies of Liga Portugal 2 Meu Super recorded total liabilities of €151m, an increase of 56% compared with 2022–23. This increase is mainly due to the rise in bank loans (+€53m) and debts with suppliers (+€7m).

Evolution of the liability structure of Sports Societies1,2

In 2023–24, the main components of the liabilities of the Sports Societies of Liga Portugal 2 Meu Super were as follows:2

Allianz CUP

SC Braga is crowned Winter Champion.

The “Warriors of Minho,” under the command of Artur Jorge, won the Allianz CUP for the third time. The team from the Minho area, after eliminating Sporting CP in the semifinals, defeated Estoril Praia in the final decided by penalties.

The 2023–24 edition of the Allianz CUP stood out for returning to the reduced format with 37 matches, instead of the 63-match format from the previous season.

Matches played in the competition

€372m

Media exposure value in editorial coverage

224 million

Total number of fans in the stadiums

The show watched from the stands

In the 2023–24 edition, the stadiums of the Sports Societies welcomed 224,000 fans. The average attendance per match increased compared with 2022–23, reflecting a closer connection with the fans and the consolidation of the League Cup within the main national competitions.

Evolution of the number of fans

Total attendance decreased compared with the previous season due to the reduction from 63 to 37 matches. However, the average attendance per game increased by 48%.

224m 6,057

48,959 x

Average attendance and number of matches by kickoff time and day of the week

Out of the 37 matches in the competition, 22 matches (59% of the total) took place after 7 p.m.

Saturday and Sunday were the days of the week with the most games played (22 matches, 59% of the total). However, matches played on Thursday between 8 p.m. and 9 p.m. had the highest average attendance, followed by those played on Tuesday and Saturday between 7 p.m. and 8 p.m. It is important to highlight that the three Final Four matches were played on Tuesday, Wednesday and Saturday at the Dr. Magalhães Pessoa Municipal Stadium. Despite the smaller capacity of this venue compared with some of the stadiums hosting other stages of the competition, these three matches still rank among the six matches with the highest attendance in the competition.

Attendance in the group stage

The average stadium attendance during the group stage was 10,515 spectators. SL Benfica and FC Porto attracted the highest attendance for their home games in this stage.

Media return

Despite returning to the 37-game format, media coverage increased by 18% compared with the 2022–23 season. This growth was primarily driven by a 34% increase in online media, which reinforced its role as the primary source of coverage.

Kick-off times

In the 2023–24 season, all Allianz CUP matches were broadcast by Sport TV.

Most of the matches started after 8 p.m.

The media return of the competition (AVE1)

In the 2023–24 season, the editorial value of the Allianz CUP rose to €56m, despite the reduction in games from 63 to 37. Online media experienced significant growth, increasing by €52m (+34%) compared with the previous season, and emerged as the primary source of media coverage, accounting for 55% of the total.

Key value-creating areas

The prize distribution

Despite the reduction in the number of games, the Allianz CUP awarded the second highest prize money in the history of the competition.

Distribution of competition revenues

The 2023–24 season changed its format to 37 games, including two single-leg knockout rounds (first and second phases), a group stage and the Final Four.

Revenue distribution by league

The prizes awarded to the Sports Societies of Liga Portugal Betclic were higher than those given to the Sports Societies of Liga Portugal 2 Meu Super, based on their sports performance.

Liga Portugal Betclic Liga Portugal 2 Meu Super

The biggest prize winners in the competition

Approximately €2.2m were distributed to the Sports Societies, with 46% allocated to the four teams that secured a spot in the Final Four.

Financial result of the competition

Revenues and expenses remained at levels similar to previous seasons, and the competition remains financially self-sustaining season after season.

Source: Liga Portugal

Estoril Praia

SC Braga

Sporting CP

SL Benﬁca

Liga Portugal Youth

Sporting CP was crowned champion by defeating FC Porto in a penalty shootout.

145

Participating athletes

+5,000

Spectators

Liga Portugal Legends

Sporting CP defeated SC Braga and was crowned champion of the second edition of Liga Portugal Legends.

191

Participating athletes

+17,000

Spectators

Liga Portugal Youth

Liga Portugal Youth was launched with the aim of promoting and increasing the visibility of Portuguese young talent, reinforcing the motto: “O Talento que marcará o Mundo” (The Talent that will shape the World). The competition’s first edition featured 12 nationally and internationally renowned clubs.

145 23 +5,000 102

Participating athletes Matches played Spectators Goals scored

Participating clubs:

The Football Foundation seized the opportunity to promote its values of inclusion and sustainability, in collaboration with its partners Reefod Bonfim, Porto Ambiente and LIPOR. Additionally, an accessibility manual for Bessa stadium was created, and with the support of various associations, young people with disabilities participated in the delivery of the match ball.

SC Braga

Sevilla FC

Vitória SC VFB Stuttgart

FC Porto

FC Barcelona

Boavista FC

Fulham FC

Sporting CP

Real Betis Balompié

SL Benfica

Paris SG

Source: Liga Portugal

Liga Portugal Legends

In July 2024, the second edition of the Liga Portugal Legends took place, a unique tournament bringing together former Portuguese Football stars to celebrate the history and passion for the beautiful game.

Participating athletes Matches played Spectators

Participating clubs: 191 22 +17,000

The Liga Portugal Legends combined entertainment, sports and charitable initiatives, highlighting the commitment to sports history and culture, as well as the values of inclusion and sustainability.

The event’s Fan Zone facilitated interaction among fans of all ages, while promoting Liga Portugal’s commercial partners. Simultaneously, it provided the Football Foundation with an opportunity to carry out social responsibility initiatives in collaboration with EGF, Tabaqueira, True Clinic and the Municipality of Nazaré.

UD Leiria FC Porto FC Arouca

SC Farense

Leixões SC Casa Pia AC A. Viseu FC

SC Braga Gil Vicente FC

SCU Toreense

SL Benfica

Estoril Praia E. Amadora

Sporting CP

Vitória SC

Source: Liga Portugal

eSports eLiga

For the first time, FC Famalicão was crowned Champion of the eLiga.

eLiga Cup

Estoril Praia 22 eSports won the trophy for the second consecutive year.

141

Matches played

eLiga Super Cup

Estoril Praia 22 eSports won the eLiga Super Cup, securing the second title of the season.

3 Matches played

eSports Liga Portugal

eSports has become one of Liga Portugal’s key strategies for engaging with a younger audience, delivering positive results. For the fifth consecutive season, Liga Portugal has organized three virtual Football competitions: eLiga Portugal, eLiga Cup and eLiga Super Cup.

Average simultaneous views per competition

15,584

eLiga

9,011

7,793

eLiga Cup eLiga Portugal eLiga Super Cup

Portugal

eLiga Portugal impressed once again in the 2023–24 season with an updated format. The competition consisted of four stages — the group stage, quarterfinals, semifinals, and final — held in different stadiums, including Estádio do Sport Lisboa e Benfica, Estádio do Dragão, and Estádio Municipal de Braga.

Average goals per match

22,116

Total number of live views1

For the first time, FC Famalicão was crowned National Virtual Football Champion. In an exciting final held in Convento São Francisco in Coimbra, the team from Famalicão overcame Estoril Praia 22 eSports with a dramatic 4–3 victory in extra time.

eLiga Cup

The eLiga Portugal Cup consists of four knockout rounds — round of 16, quarterfinals, semifinals, and final. The semifinals and final were held in Leiria, as part of the Final Four of the Allianz CUP.

The 2023–24 edition saw Estoril Praia 22 eSports crowned champions, securing the title for the second consecutive year.

eLiga Super Cup

The season concludes with the contest for one last title: the eLiga Portugal Super Cup, which brings together the four best teams of the year. This competition features the two finalists of the eLiga Portugal and the two finalists of the eLiga Portugal Cup in a Final Four format.

Estoril Praia 22 eSports ended the season in great style, having already won the eLiga Portugal Cup, by defeating SL Benfica TP 7–3 to win the eLiga Portugal Super Cup.

Total views of the three eSports competitions per season

In the 2023–24 season, the total number of views recorded on the Twitch platform reached 220,000 views, representing a slight decrease compared with the previous season.

Source: Liga Portugal

15,586

Total number of live views

7,793

Total number of live views

Chapter 4 Building the future Strategy

Forces of change

The Football industry is currently experiencing significant transformation, driven by four forces of change:

1 Professionalization of the industry

2 New competitions and formats

3 Shift in supporter profiles

4 Social and ethical concerns

Forces of change

1 Professionalization of the industry

The increase in investment, the integration of Football into the entertainment industry and the growing demand for transparency have fostered greater professionalization.

Increased investment and the emergence of new business models in Football

Investment by private equity firms and funds in Football leagues and clubs is becoming increasingly common due to their strategic and financial potential as assets. This trend has given rise to new business models, particularly multiclub ownership (MCO), where a single owner manages multiple clubs, promoting synergies, talent sharing and economies of scale.

Globally owned clubs under an MCO regime (number of clubs, 2012–23)

New sponsorships in Football

The media attention and emotional connection that fans have with Football have attracted sponsors from emerging sectors, such as sports betting and web3 companies, in a bid to enhance their global awareness. This involvement is closely monitored by relevant authorities to ensure ethical practices and protect the integrity of the sport.

Industry breakdown of front-of-shirt sponsors for clubs in the top five UEFA leagues (%, 2023-24)

Increasing use of data analytics and artificial intelligence

The use of data analytics and artificial intelligence (AI) is revolutionizing Football by optimizing performance analysis and talent identification, supporting the decision-making process. These technologies help narrow the gap between clubs with unequal resources.

New financial fair play model

UEFA has introduced new rules on stability, solvency and financial control to promote the sustainable management of Sports Societies. These measures will be implemented gradually, with full implementation expected by the 2025–26 season.

Source: UEFA, CIES

Valuing Football as an entertainment product

Football has established itself as an entertainment product through innovative experiences, digital marketing and partnerships with lifestyle brands. These initiatives attract new audiences and diversify revenue streams.

Greater investment in human resources development

Federations, leagues and Sports Societies have been investing in developing human capital through professional training programs, aiming to strengthen internal skills and keep pace with the professionalization of the industry.

Forces of change

2 New competitions and formats

Changes in the formats of international competitions, along with the growth of women’s Football and eSports, are driving significant transformations in the Football industry.

Growth of women’s Football

Women’s Football has seen consistent growth in recent years, as evidenced by the rise in athletes, attendance figures, prize funds and investment in the sport. This expansion provides Sports Societies and leagues with valuable opportunities to diversify revenue streams and expand their fan base.

Global participation in women’s Football (millions of athletes, 2019–23)

New competitions and formats in men’s Football

The increase in the number of teams and games in European and global competitions enhances their visibility, revenue and international appeal. However, these formats challenge the relevance of national competitions, which are constrained by tighter schedules and receive less attention from fans and the media.

New UEFA Champions League format (number of teams and games, 2024–25)

Growth of eSports

The growth of eSports is transforming Football by attracting a global audience and engaging younger fans. This trend generates new revenue streams and offers an opportunity to strengthen the connection between fans and Football.

Source:

Forces of change

3 Shift in supporter profiles

The way fans follow Football and watch matches is evolving, making it crucial for the industry to adapt in order to meet the changing needs of its audience.

OTT platforms, Big Tech and the importance of non-live content

The sports audiovisual rights market is undergoing a transformation. The entry of new players, such as OTT platforms and Big Tech companies, has accelerated the fragmentation of rights and heightened competition. Simultaneously, there is growing interest in non-live content, such as documentaries that explore the behind-the-scenes aspects of Football.

In 2022, Apple TV acquired the broadcasting rights for the MLS for the next 10 years for US$2.5b.

Several major international sports entities have already benefited from the promotion of documentaries and other non-live content.

Increasingly digital fandom with shorter attention spans

The rise of social media is revolutionizing sports by fostering greater connections with fans. This new level of connectivity is reshaping how Football is consumed, particularly among younger audiences, who prefer brief content and have shorter attention spans.

Digital activities performed by fans while watching Football games (%, 2023)

Players with greater influence

Football players are surpassing clubs and leagues in terms of influence, particularly among younger audiences, due to their status as global icons and their strong digital presence.

Growth of the sports betting market

The sports betting market has been growing rapidly, contributing to increased fan engagement around games and positioning companies in the sector as increasingly valuable commercial partners for Football.

Growth of Football in new markets

The expansion of Football leagues and clubs into emerging markets, such as Saudi Arabia and the USA, is attracting new fans and creating commercial opportunities. This globalization of the fan base significantly increases interest and drives investment in the sport.

The era of Web3

The growth of Web3 enables new forms of fan connection and engagement. Digital tokens, such as non-fungible tokens (NFTs), offer unique virtual assets, while the metaverse creates immersive environments for virtual participation in events.

Fonte: Nielsen, UEFA, DAZN, SportsPro

Gen Z Millennials Gen X Baby Boomers

4 Social and ethical concerns

The Football industry has demonstrated a growing concern for social issues, leveraging its media presence to drive social transformation.

Greater involvement of Football governing bodies in social issues

Football governing bodies are increasingly taking a proactive role in society by promoting social causes. This is evident in the strategic plans of organizations such as FIFA and UEFA, which feature a range of initiatives addressing societal issues.

Football as a driver of social change

Football serves as a key promoter of education and social values, utilizing its media influence to support disadvantaged communities through inclusion and education initiatives.

Increasing emphasis on transparency and ethics in Football

Football stakeholders are pressuring the industry to adopt more rigorous and transparent practices. In response, FIFA, UEFA and national entities have implemented measures to combat corruption, including ethical oversight and investment monitoring.

Greater regulation of sponsorships

Football regulatory authorities and European governments are strengthening regulations on sports sponsorship agreements to ensure the sport promotes healthy practices, particularly to protect younger audiences.

Liga Portugal’s response to the key challenges

The activities of Liga Portugal during the 2023–27 strategic cycle will focus on addressing the following seven key challenges:

1 Closer connection with the fans

2 Strengthening the value of Sports Societies

3 Enhancing the value of its competitions, with a focus on women’s Football

4 Development of Liga Portugal

5 Internationalization of Liga Portugal

6 Centralization of broadcasting rights

7 Reduction of context-related costs

Liga Portugal’s response to the key challenges

1 Closer connection with fans

The evolving fan profiles, coupled with the increasing competition from other forms of entertainment, emphasize the critical need to place fans at the center of Liga Portugal’s strategy. This approach focuses on fostering deeper engagement and creating a stronger sense of connection.

1 Shift in supporter profiles

Football fans are increasingly seeking a comprehensive experience extending beyond the match, with technology and the stadium experience playing pivotal roles. In response, Liga Portugal has strengthened its digital offerings by improving the website and app, investing in Liga TV, and promoting eSports. In stadiums, it has supported Sports Societies in modernizing infrastructure and emphasizing the importance of delivering a more immersive and enriching fan experience.

3 The need to improve domestic Football facilities

Enhancing national Football infrastructures is crucial for delivering a high-quality product and a superior experience for fans, who are increasingly demanding value, comfort and hospitality. Liga Portugal has conducted comprehensive assessments of the match day conditions provided by Sports Societies, identifying key areas for improvement. Based on these findings, collaborative projects have been developed with Sports Societies to enhance critical aspects of the match day experience.

In the 2023–24 season, Liga Portugal ensured a closer monitoring of stadiums. This initiative aimed to elevate the fan experience by creating conditions that not only meet expectations but also foster audience loyalty and drive sustained growth in stadium attendance.

2

Promoting grassroots and reconnecting with fans

Liga Portugal is committed to reconnecting fans with local Football and attracting younger audiences. In the 2023–24 season, the slogan “O Futebol és Tu!“ (You are Football) encouraged families to return to the stadiums, resulting in record-breaking attendance: the Liga Portugal Betclic and Liga Portugal 2 Meu Super competitions recorded 4.2 million fans, a 10% increase over the 2022–23 season. For the 2024–25 season, the new slogan “O Futebol que nos Une” (The Football That Unites Us) will further emphasize the unifying power of the sport.

4 Football as a spectacle for all

Transforming Football into an accessible and inclusive spectacle requires creating engaging experiences that appeal to diverse fan profiles, while fostering an environment of respect and inclusion. To this effect, Liga Portugal encourages Sports Societies to provide entertainment before, during, and after matches, creating a vibrant and inclusive atmosphere. Additionally, initiatives such as the “Respeito” (Respect) Project, developed in partnership with the Football Foundation, reinforce the importance of inclusion in Football and society.

Liga Portugal’s response to the key challenges

2 Strengthening the value of Sports Societies

The business model of Portuguese Football, which relies on talent development and player sales, is facing significant challenges. As a result, Liga Portugal has taken a leading role in supporting Sports Societies with mitigating risk and ensuring long-term sustainability.

1 Financial sustainability

The financial sustainability of Sports Societies is crucial for maintaining the economic stability of Professional Football in Portugal. Liga Portugal has introduced regulations to promote good financial practices. These initiatives aim to strengthen Sports Societies’ management, reduce dependence on player sales and prepare them for UEFA’s new financial regime. Additionally, Liga Portugal has established the Economic Control and Licensing department to aid Sports Societies in achieving compliance and professional, sustainable financial management.

3 Increased investment in Portuguese Professional Football

New investors in Football, both domestic and international, have improved Sports Societies’ access to capital and bolstered their financial valuation. However, this trend also brings risks, underscoring the need for regulations that ensure sustainable and value-driven investment strategies. Liga Portugal is actively monitoring this evolution, promoting solutions that guarantee long-term value creation for Sports Societies and the community.

2 Greater professionalization and new skills

Professionalization and development of expertise are crucial for the growth of Football. In this regard, Liga Portugal has been supporting Sports Societies with consultancy projects, dissemination of best practices and promotion of collective growth. Additionally, Liga Portugal Business School offers training programs in key domains such as marketing, digital innovation and sports management, empowering industry stakeholders.

Liga Portugal’s response to the key challenges

3 Enhancing the value of its competitions, with a focus on women’s Football

The transformation and industrialization of Football have led to changes in European competition formats and have driven the growth of women’s Football. Liga Portugal has been actively working to adapt and respond to these evolving trends through proactive initiatives.

Competitiveness and the Threat from Other National Leagues

The UEFA competition points system, where results from all three tournaments carry the same weight, has led to leagues with teams performing well in the UEFA Conference League posing a threat to Portugal’s qualification spots.

To tackle this challenge, Liga Portugal have rearranged scheduling, allowing more rest time for teams competing in UEFA tournaments. This measure aims to strengthen domestic competitiveness and respond to the growing threat from leagues such as the Dutch Eredivisie, which currently holds sixth place in the UEFA ranking.

Demanding

game schedule

Overloaded schedules from expanded European competition formats have led to player discontent due to the heightened risk of injuries and extreme fatigue. In response, Liga Portugal has taken action, working with Sports Societies to alleviate the burden by reducing the number of games in the League Cup. The league continues to monitor the situation, maintaining dialogue with stakeholders and considering additional measures in the future.

The growing prominence of women’s Football

Women’s Football is gaining prominence, with an increasing number of participants, stadium attendance, and viewership at both national and international levels. As the governing body of Professional Football, Liga Portugal has been closely monitoring the development of this sport, which is increasingly moving toward greater professionalization.

Liga Portugal’s response to the key challenges

4 Development of Liga Portugal

The Football industry is experiencing a phase of growth and transformation. In response, Liga Portugal continues to invest in internal development and improvement initiatives to sustain its momentum, drive long-term growth, and take a leading role in shaping the paradigm shift within the sector.

A

review of Liga Portugal’s financing model

In the context of centralizing audiovisual rights, Liga Portugal plans to propose a more equitable distribution of revenue generated from these rights. A portion of the funds will be allocated to support the overall development of Professional Football. This revenue-sharing model will be introduced in the 2025–26 season, with the main objective of fostering the sustainable growth of Portuguese Football.

Strengthening Liga Portugal’s non-football footprint

Liga Portugal is expanding its influence beyond Football, by investing in initiatives that strengthen its presence off the field. Events and social projects, such as the Thinking Football Summit, have helped Liga Portugal connect with a broader audience. Complementing this vision is the Liga Portugal Arena, an inclusive venue dedicated to celebrating Football and its key figures.

Fostering closer ties with stakeholders

Strong relationships with Football stakeholders are vital for sustainable growth. Liga Portugal has been fostering a culture of collaboration with Sports Societies through initiatives such as the Presidents’ Summit, working groups and annual meetings. Additionally, it has been strengthening ties with the Portuguese Football Federation and class associations, particularly through its contributions to the Social Dialogue Committee.

Revision of the human resource strategy

The evolution of Portuguese Football demands a dynamic human resources strategy. To attract and retain top talent, Liga Portugal has modernized its organizational structure, refined governance processes and increased its presence at job fairs. Furthermore, it has reinforced institutional ties with major European leagues, fostering the exchange of best practices and initiatives like the exchange of match delegates with LaLiga.

Portugal’s response to the key challenges

5 Internationalization of Liga Portugal

International markets play an increasingly vital role in European Football. In this context, Liga Portugal has been implementing strategic initiatives to strengthen its global presence, effectively communicate its positioning and drive revenue growth in international markets.

The importance of international markets for audiovisual revenues

1 2

Expanding into international markets is key to maximizing audiovisual revenues. Liga Portugal has been actively investing in international promotion by targeting key markets to attract new audiences and enhance global visibility. One notable initiative is the proposed internationalization of the League Cup Final Four, designed to showcase the competition to a global audience. These efforts aim to establish Liga Portugal as a global benchmark, boosting visibility and driving increased audiovisual revenues.

Liga Portugal’s global positioning

Liga Portugal has been strengthening its international positioning by emphasizing the culture, tradition and talent that make Portuguese Football a distinctive part of its identity. As part of this strategy, it actively supports Sports Societies in their internationalization efforts, increasing the visibility and influence of Portuguese Football in key global markets. Through the “Talento que marca o mundo” (Talent that marks the world) initiative, Liga Portugal highlights its clubs, players and coaches to elevate Portuguese Football’s global prestige.

Liga

6 Centralization of broadcasting rights

The centralization of audiovisual rights, scheduled for the 2028–29 season, offers a significant opportunity to enhance Portuguese Football’s commercial value. Liga Portugal is preparing for this transition by implementing strategic initiatives that ensure a more equitable and competitive landscape.

1 Boosting the commercial value of the broadcasting rights

Enhancing audiovisual rights is a key challenge ahead of centralization. Liga Portugal has been investing in improving the quality of the audiovisual product by developing specific regulations for broadcasting practices. Additionally, Liga Portugal has also been working with Sports Societies to improve technical aspects, such as stadium lighting and camera placement, to deliver a superior viewing experience.

2

The creation of favorable market conditions

Creating favorable market conditions involves fostering competition. To this end, Liga Portugal has been exploring international best practices, such as product fragmentation, to optimize the value of its offerings. It also emphasizes a transparent commercialization model with fair and clear rights allocation procedures. This approach ensures a competitive process where all interested parties can participate on equal terms, promoting fairness and increasing market value.

Liga Portugal’s response to the key challenges

Liga Portugal’s response to the key challenges

7 Reduction of context-related costs

Context-related costs hinder the competitiveness of Portuguese Football in comparison with foreign leagues and clubs. In response, Liga Portugal has been collaborating with the relevant authorities to review fiscal and regulatory policies, aiming to create a fairer and more competitive environment for the sport.

Sports betting revenue sharing

Sports betting revenues are vital for the financial sustainability of Liga Portugal and its Sports Societies. To this end, Liga Portugal has increased advocacy with authorities regarding the importance of reviewing the current distribution model. The goal is to ensure a fairer revenue distribution that benefits all stakeholders.

Insurance costs

High insurance costs burden Sports Societies due to high premiums and legal constraints. Despite the 2023 amendment to the Insurance Law, the average cost for Sports Societies remains much higher than that of major European leagues. Liga Portugal is working with authorities to adjust legislation, balancing the needs of Sports Societies and players, and ensuring Football is recognized within Portugal’s regime for professions that involve intense physical demands.

The tax burden on Portuguese Professional Football 2

Heavy tax burden on Portuguese Professional Football reduces competitiveness and hinders talent retention, compared to international competition. To address this challenge, Liga Portugal is working with authorities to review taxes such as VAT, personal income tax (IRS) and corporate income tax (IRC). The goal is to establish more favorable and less punitive tax conditions that allow Portuguese Football to remain competitive with other countries and the broader entertainment sectors.

Methodology and content

This yearbook was produced by EY on the basis of information provided by Liga Portugal and the Sports Societies. EY did not carry out an analysis of the quality of the information, but considered the information received to be correct.

1. The financial information of the Sports Societies was provided by Liga Portugal for the 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 seasons in two different formats: (i) aggregation of the Reports and Accounts of the Sports Societies for the aforementioned seasons, (ii) details provided by the Sports Societies for the aforementioned seasons. Whenever possible, preference was given to using the Reports and Accounts aggregator format.

2. File (i) was sent by the Sports Societies in two different ways: a) by providing the Annual Report in scanned PDF format, b) by filling in Annex 1 of the EY-Liga Portugal Yearbook request list.

3. File (ii) was sent by the Sports Societies in two different ways: a) by providing the Annex 1 sent annually to Liga Portugal, in Excel format, b) by filling in Annex 4 of the EY-Liga Portugal Yearbook request list.

4. For Sports Societies that did not provide the necessary information during the season under analysis, the most recent historical information available was used.

5. For Liga Portugal Betclic, the files in point 1 were obtained for all Sports Societies for the 2023-24 season.

6. The files (ii) in point 1 provided by FC Porto in 2019-20 and 2020-21 relate to the consolidated accounts. Given the unavailability of detailed information regarding individual accounts, the consolidated data was used.

7. For the Portugal Meu Super League in 2023-24, the files in point 1 (i) and (ii) for Belenenses and Länk Vilaverdense were not received.

8. Due to the lack of previous information from CD Trofense, in 2022-23 file (i) of point 1 was filled in using the SABI database and the information in file (ii) of point 1 was not taken into account.

9. Due to the lack of previous information from Länk Vilaverdense, the information for this Sports Society was not filled in for 2023-24.

10. Files (ii) in point 1 were not received from two Sports Societies in Liga Portugal Betclic in the 2019-20 season, two in 2020-21, five in 2021-22 and four in 2022-23, as well as two in Liga Portugal 2 Meu Super in the 2019-20 season, two in 2020-21, and four in 2022-23.

11. File (ii) of point 1 provided by Leixões SC in 2019-20 does not reconcile with the audited financial statements. Given the unavailability of an alternative source of detailed information, the data provided was used.

12. The economic analysis of Professional Football focused on the direct impact of the activity of the Portugal League and the Sports Societies participating in the Portugal Betclic League and the Portugal Meu Super League on the Portuguese economy.

13. Information on jobs, tax burden and remuneration of players, coaches and employees was made

available by completing Annex 2 of the EY‒Liga Portugal Yearbook request list.

14. However, the information was not complete. Information was not made available for five Sports Societies in the 2019-20 season, four in 2020-21, nine in 2021-22, ten in 2022-23 and two in 202324.

15. For Sports Societies that did not provide the necessary information at the time under analysis, the most recent historical information available was used.

16. Annex 2 of the EY-Liga Portugal Yearbook archive of Sociedade Desportiva FC Porto was made available for the first time in 2020-21. The values in the historical period were revised considering the information made available for this edition.

17. The formula used to calculate gross added value was inspired by IBGE metadata, which subtracts the production value from its intermediate consumption.

18. The formula was adapted to the Professional Football sector. The gross added value of the Sports Societies of Liga Portugal Betclic and Liga Portugal 2 Meu Super results from the sum of sales and services rendered, other income and gains, transaction balances of athlete rights, cost of goods sold, external supplies and services, other expenses and losses and stock variations in the period analyzed. The gross added value of Professional Football was compared to the value of the

GDP projection of the Portuguese economy for 2023, according to data from INE and projections from the European Commission (DG ECFIN).

19. The turnover of the Sports Societies of Liga Portugal Betclic and Liga Portugal 2 Meu Super results from the sum of sales and services rendered, other income and earnings and player transaction balances, while the turnover of Liga Portugal results from the sum of sales and services rendered and other revenues. The income of the Liga Portugal from its own Sports Societies is excluded.

20. Information on player transfers from Sports Societies in the Liga Portugal Betclic was obtained from the Football website Transfermarkt, with only analysis on the entry and exit of players from Sports Societies.

21. Professional competition management information including match schedules and attendances was provided by Liga Portugal for the 2023-24 season.

22. The total aggregated headings of revenue, expenses, assets and liabilities were calculated from file (i), aggregating the Reports and Accounts of Sports Societies for the periods referred to in item 1, with the information restrictions described.

23. Personnel expenses, external supplies and services, interest and similar expenses, asset and liability components, and net income were also calculated from file (i), with the same restrictions.

24. The calculation of income details, such as gains from the transaction and assignment of athlete rights, audiovisual rights and commercial activity, was made from file (ii), with details provided by the Sports Societies for the seasons referred to in item 1, with the restrictions described.

25. The calculation of detailed expenses, such as expenses on the transaction and amortization of athlete rights, remuneration of sports agents, was made from file (ii), with the same restrictions.

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