In 2023, under President Duilio Monteiro Alves, Corinthians unveiled a financial report audited by RSM Global.
The club announced a record revenue of R$ 1.01 billion ($196.12 million), a 92.5% jump from 2022.
Their operational earnings (Ebitda) hit R$ 259 million ($50.29 million), showing strong cash flow by subtracting all expenses except interest and amortization from total revenues.
Over three years, operational profits totaled R$ 608 million ($118.06 million), mainly used for debt servicing.
The report highlighted R$ 2.5 million ($0.49 million) in 2023 revenue from Brax, with an additional R$ 47.5 million ($9.22 million) expected in 2024.
Upon Alves’s inauguration, Corinthians’ external debt decreased from R$ 949.2 million ($184.32 million) to R$ 885.8 million ($172.00 million).
Meanwhile, the debt associated with the Neo Química Arena concluded the year at R$ 703.1 million ($136.52 million).
The club’s total gross debt reached R$ 1.588 billion ($308.16 million), nearing a report end figure of about R$ 2 billion ($388.34 million), combining the club and arena debts.
Wesley Melo, former financial director, criticized this debt portrayal as misleading, noting it excluded receivables.
He underscored that Corinthians traditionally balance debits and credits to gauge financial health.
Operational expenses climbed from R$ 341 million ($66.21 million) to R$ 646 million ($125.44 million), mirroring the club’s revenue surge to R$ 1 billion ($194.17 million).
This increase was driven by rising football costs due to inflation.
Melo praised the club’s management strategies, which have effectively reduced debt, showing prudent fiscal management despite economic changes.
This approach has ensured Corinthians remains financially robust amid evolving challenges.