THE SAD of Vitória de Guimarães concluded the 2025/26 season with a negative net result of 11 million euros (ME), the Minho club, from the Portuguese First Football League, revealed today in a note published on the official website.
After a record profit of 7.4 ME in the 2024/25 season, the Victorian SAD’s accounts returned to ‘red’ in a season marked by the victory of the League Cup, but also by a 33% drop in operating income, the portion of income that does not include player transfers.
The Guimarães explain the reduction from 22.7 to 15.1 ME with the variation in income from UEFA, which stood at 9.44 ME in 2024/25, as a result of participation in the Conference League, to 1.19 ME in the previous season, in which they were absent from European competitions.
The Minho club guaranteed an additional 22.8 ME in income from player transfers, especially those of Diogo Sousa to the French side of Strasbourg, for a gross value of 11 ME, and of Noah Saviolo to the Turkish side of Trabzonspor, for a gross 11.5 ME, but the costs and amortizations with athlete rights reduced this value to 12.6 ME, well below the 22.8 ME of 2024/25.
Operating income and ‘income’ from player passes were, therefore, insufficient to cover operating expenses, which rose 0.7%, from 32.9 to 33.1 ME.
Vitória de Guimarães explains the stability of expenses with “the reduction in costs associated with participating in European competitions, namely travel and logistics” and with “the increase in costs arising from the restructuring of the squad, particularly with contractual terminations and with “charges for sporting prizes”.
In addition to the negative balance of 5.4 ME between income and expenses, the weight of interest, taxes and “accounting effects” worsened the net result for the 11 ME.
At an equity level, the Victorian SAD continues to be in technical bankruptcy, with a negative equity capital that has worsened, from 25.8 to 36.8 ME, and total liabilities increasing from 68.9 to 85.3 ME, while assets rose from 43.1 to 48.5 ME.
Guimarães highlight that net liabilities are 57.1 ME, after “deducting customer balances, inventories and financial resources”, a value that is still higher than the 48.2 ME at the end of 2024/25.
The published note also highlights that the 2025/26 financial year marks “the end of a management cycle” at SAD, given the resignation of António Miguel Cardoso and the elections of June 13, 2026, which established Rui Rodrigues as the new president of the club and the SAD board of directors.
“However, a new management cycle began, based on greater prudence in the use of resources and the rigor of investment decisions, with a special focus on an effective reduction in expenses, the rationalization of the company’s cost structure and a more careful management of the size and costs associated with the squad”, it reads.
