Valoração de sociedades anônimas do futebol mineiro: uma abordagem baseada no Modelo Multivariado de Markham (2021-2024)

Abstract

Following the approval in Brazil of the Law of the Football Corporation (SAF in its Portuguese abbreviation) in 2021, discussions about club valuations and their sales transactions have become commonplace in Brazilian football. In Minas Gerais, specifically, the three main clubs in the state, América-MG, Atlético-MG, and Cruzeiro-MG, have adopted this management model. Given this scenario, this study sought to analyze the main financial indicators of these clubs, through the application of Markham’s Multivariate Model (MMM) methodology, focusing on evaluating the evolution of their valuation after adopting the SAF management model. To this end, data available in the financial statements of these teams for the years 2021 to 2024 were used. Applying Markham's methodology, the hypothesis that the adoption of SAF management would contribute positively and increasingly to the evolution of the valuation of Minas Gerais clubs was partially accepted. The results showed that the transformation into a SAF did, in fact, contribute positively to the valuation of the teams; however, it was not sufficient to guarantee a permanently increasing valuation for the teams evaluated. For consistently positive valuation results to be achieved, efficient management of expenses in relation to revenue generation capacity, debt control, and strengthening fan engagement are fundamental.