Menu
Finance

Brasileiro Side Santos Faces Uncertain Future As Financial Problems Mount

Santos, the "fabled Brazilian club" which gave the world Pele, Robinho and Neymar, is "facing an uncertain future after mounting financial problems prompted several top players to leave," according to Andrew Downie of REUTERS. Unpaid wages, lack of a main shirt sponsor and low crowds "have left one of the world's most famous clubs in a precarious situation." Brazilian midfielder Arouca and Chilean full back Eugenio Mena "left the club this week after going to court to abrogate their contracts following non-payment of wages." The club issued a statement saying it had "come up with two months of back pay, but it was too late for some players who had not received wages since September and did not get their Christmas bonus or image rights." Robinho, who is back at Santos on loan from AC Milan, said, "Everyone has to look after their own rights." Santos "splashed out to keep Neymar and the star-studded squad that won them the Libertadores Cup" in '11. But like most Brazilian sides "they were living way beyond their means." The financial meltdown "is particularly alarming given Santos's reputation as a well-run club who regularly produce talented youngsters." Most famously, Neymar headed to Barcelona for €86M, "although the player and his agent father got most of the money." Lance! columnist Guilherme Gomes Pinto wrote, "It's been one error after another" (REUTERS, 1/15).

SBJ Morning Buzzcast: March 18, 2024

Sports Business Awards nominees unveiled; NWSL's historic opening weekend and takeaways from CFP deal

ESPN’s Jay Bilas, BTN’s Meghan McKeown, and a deep dive into AppleTV+’s The Dynasty

On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

Learn more about your ad choices. Visit megaphone.fm/adchoices

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2015/01/19/Finance/Santos.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2015/01/19/Finance/Santos.aspx

CLOSE