Over the past decade, Sporting CP have undergone a significant transformation, emerging from a period of financial instability in the early 2010s to re-establish themselves as one of Portugal’s most competitive and strategically coherent clubs. Under successive presidencies since 2013, and particularly from 2018 onwards, the club prioritised financial recovery, the modernisation of infrastructure, and the rebuilding of sustained sporting competitiveness.
This period of consolidation has since evolved into a phase of performance-led growth. Improved on-pitch results have coincided with a sharp appreciation in squad value, a more diversified approach to talent development and recruitment, and stronger financial outcomes supported by regular participation in the UEFA Champions League. Together, these dynamics have reshaped Sporting’s competitive position domestically and strengthened their role within European talent pathways.
This case study analyses the strategic drivers behind Sporting’s recent success on and off the pitch and the club’s future plans for longer-term sustainability.
On-pitch evolution, squad development, and talent pathways
On the pitch, the appointment of Rúben Amorim in March 2020 marked a clear inflexion point. Sporting’s Primeira Liga title in 2020/21 ended a 19-year domestic drought and signalled the start of a renewed competitive cycle. Over the past five seasons, Sporting have won three league titles, including the most recent two consecutively, with Benfica and FC Porto claiming one title each during the same period. While Amorim and Sporting Director Hugo Viana rightly received much of the plaudits for this success, the club have maintained their competitive level following their departures, underlining the structural stability put in place over the past decade.
This renewed competitiveness is clearly reflected in the evolution of the squad’s market value. In the summer of 2020, Sporting’s squad was valued at roughly half that of Benfica and remained behind Porto, mirroring the club’s relative position on the pitch at the time. Since then, Sporting have effectively tripled their squad value, overtaking both domestic rivals.
The club’s three most valuable players, Morten Hjulmand (€50.5 million), Geovany Quenda (€44.6 million, joining Chelsea FC in the summer), and Ousmane Diomande (€42.5 million), all feature among the ten most valuable players outside Europe’s “Big Five” leagues. Notably, six of the top ten players in this category currently play in Portugal, highlighting Liga Portugal’s role as a leading talent development hub.
The evolution of the squad value reflects not only improved on-pitch results, but also a more efficient approach to talent development and recruitment. Sporting have combined academy production with increasingly targeted acquisitions, supported by a recruitment strategy that has expanded beyond traditionally close markets.
In recent seasons, the club have broadened their scouting geography, adding players from a wider range of European leagues and profiles. Notable examples include Viktor Gyökeres (Sweden, from Coventry City), Ioannidis and Vagiannidis (both Greece, from Panathinaikos), Conrad Harder (Denmark, from FC Nordsjælland), Hjulmand (Denmark, from Lecce) and Zeno Debast (Belgium, from Anderlecht). This approach has complemented academy output and reduced reliance on any single talent pathway.
The effectiveness of this model is evident in Sporting’s recent player trading outcomes. Since 2021/22, the club’s eight most significant player sales have generated a combined €237.9 million.
All eight players now compete in the “Big Five” leagues, reinforcing Sporting’s role as both a talent developer and a stepping stone within the European football ecosystem. This positioning has strengthened the club’s resilience, enabling it to refresh the squad, sustain competitiveness and monetise sporting performance in a structured and repeatable manner.
Financial performance and the role of player trading in profitability
The on-pitch progress has translated into a marked improvement in Sporting’s financial performance, particularly on the revenue side. Among Portugal’s leading clubs, Sporting have recorded the strongest operating revenue growth since 2018/19, both in relative and absolute terms.
Over the analysed period, Sporting doubled their operating revenue base, increasing by 101% (+€74.5 million). This growth has allowed the club to catch up with FC Porto in absolute terms, although Benfica remain ahead.
The timing of this revenue acceleration is closely linked to sporting performance. The most pronounced uplift occurred in 2021/22, immediately following Sporting’s return to the UEFA Champions League after winning the domestic title in 2020/21. That season, the club reached the Round of 16, with UEFA prize money accounting for around 30% of total operating revenue. Champions League participation also generated indirect benefits, supporting matchday revenues through higher-profile fixtures and enhancing commercial exposure.
On the cost side, Sporting’s evolution has been comparatively controlled. Since 2018/19, staff costs have increased by 27%, a more moderate rise than that recorded by Benfica (+32%), while Porto reduced costs by 13% over the same period. Crucially, the expansion of Sporting’s cost base has been significantly outpaced by revenue growth, contributing to a more balanced financial structure.
This dynamic is reflected in the bottom line. In 2024/25, Sporting recorded their fourth consecutive positive net result after tax, bringing cumulative profits since 2018/19 to €54 million. This contrasts with Benfica and Porto, both of which have recorded materially more volatile net results in recent seasons.
While revenue growth, supported by improved on-pitch performance, has strengthened Sporting’s financial position, profitability after tax remains heavily influenced by player trading as a structural feature of the Portuguese football model.
Operating profitability before player trading has been negative or close to break-even over the period, underlining the structural importance of transfer activity in sustaining financial health in the Portuguese market.
In this area, Sporting have been particularly effective. Alongside Benfica and Porto, the club have consistently generated substantial profits from the sale of players’ registrations. Between 2018/19 and 2024/25, Sporting recorded €342 million in net income from the sale of players who progressed through the club’s youth and reserve teams alone.
This figure represents approximately 66% of Sporting’s total net income from player sales over the period, illustrating the importance of club-developed talent within the overall financial framework. Sales of academy graduates such as Nuno Mendes, João Palhinha, Dário Essugo and Geovany Quenda – still at the club, joining Chelsea FC in the summer – have contributed meaningfully to transfer income, supporting financial balance and providing flexibility in funding sporting operations, without materially increasing dependence on external financing.
Performance-led growth with structural discipline
Sporting’s trajectory illustrates how on-pitch success, when underpinned by structural discipline, can translate into sustainable value creation. The club’s on-pitch resurgence has driven squad appreciation, strengthened its position within European talent pathways, and supported a period of strong revenue growth, particularly through regular participation in the UEFA Champions League.
From a financial perspective, Sporting’s revenue expansion, controlled cost growth, and consistent profitability after tax highlight a model that remains structurally reliant on sporting performance and player trading, but one that has been executed with increasing consistency and discipline. The ability to monetise both club-developed players and targeted acquisitions has allowed the club to stabilise its financial position while maintaining competitive ambition in a challenging domestic and international environment.
At the same time, the analysis underlines the limits of the current model. Operating profitability before player trading remains constrained, reinforcing the importance of continued European participation and effective transfer market execution. The sustainability of this balance, and the extent to which Sporting can further diversify revenues beyond European competition, player sales, and the upcoming centralisation of broadcasting revenues at league level, will shape the club’s next phase of development.
In this context, Sporting have begun to lay the foundations for longer-term structural growth. The club raised €225 million through a bond issuance to finance the redevelopment and modernisation of the José Alvalade Stadium, the largest bond operation ever undertaken by a Portuguese club. The project, aligned with preparations for the FIFA World Cup 2030, aims to expand seating, enhance premium hospitality, and improve sustainability standards. In parallel, the reacquisition of the Alvaláxia commercial complex forms part of a broader ambition to develop an integrated entertainment hub, including a new museum and expanded retail offerings.
These initiatives sit within Sporting’s 2024-2034 strategic plan, “Future is Coming”, which focuses on modernising infrastructure, strengthening financial stability, and enhancing the club’s global brand presence while maintaining sporting competitiveness.
Overall, Sporting’s evolution offers a clear reference point for clubs operating outside Europe’s largest markets. It demonstrates how performance-led growth, aligned with disciplined financial management, a coherent talent strategy, and targeted infrastructure investment, can reshape a club’s competitive and economic position over the medium to long term.
At Football Benchmark, we support clubs in shaping financial strategies aligned with sporting operations and the market environments in which they operate. Through independent valuation, benchmarking, and strategic analysis, we help decision-makers drive sustainable long-term value creation across club strategy and operations.
