RIO DE JANEIRO, BRAZIL - Empty stadiums have exposed the chronic inability of Brazil's 20 largest teams to balance their finances, according to an exclusive study.
If it has wreaked havoc on companies in the most varied sectors, the Covid-19 pandemic has been particularly cruel to Brazilian soccer clubs. With fragile finances, largely outdated management structures, and little investment in digital business, the country's most traditional teams were easy prey in 2020.
The crisis ultimately exposed fragilities and raised questions about the future of institutions with millions of fans.
The extent of the blow is exposed in an . . .