Portugal’s competition regulator has issued a favorable opinion on the centralized sale of audiovisual rights in Portuguese football, a system expected to generate around €250 million annually for clubs in the country’s top two divisions.
“Following its assessment, the Competition Authority concludes that the centralized commercialization model is broadly aligned with the principles of promoting competition,” the regulator said in a statement.
Among the factors underpinning its approval, the authority highlighted “the allocation of rights through competitive, transparent and periodic procedures,” as well as “the definition of lot structures that promote contestability and facilitate the entry of new operators.”
Under the current system, clubs individually negotiate and sell the broadcasting rights to their home matches, with Portugal’s traditional “Big Three” — Benfica, FC Porto and Sporting CP — securing the most lucrative deals.
However, the centralization of football broadcasting rights is set to become mandatory from the 2028-29 season under legislation proposed by the Portuguese government.
Sporting Success Accounts for 60% of Revenue Distribution
The proposed revenue-sharing model combines five criteria, placing the greatest emphasis on sporting performance. Nearly 60% of the total income will be distributed according to clubs’ league positions, historical results and contributions to UEFA rankings.
A further 20% will be shared equally among clubs, while the remaining roughly 20% will be allocated based on stadium attendances, television audiences and other factors.
Only Benfica voted against the distribution model, while Nacional abstained.
“Clear Proof of Football’s Ability to Self-Regulate”
“This opinion, which is fundamental to the entire process of audiovisual rights centralization, demonstrates the maturity of Liga Portugal’s clubs and their ability to reach agreements on issues that are structural to the industry,” said Liga Portugal president Reinaldo Teixeira.
“It is clear proof of the self-regulatory capacity of professional football, which in recent months has provided excellent examples of cooperation, notably through the approval of the revenue-sharing formula that will govern this commercialization process,” he added.
The Competition Authority also stressed “the need to ensure a plurality of buyers, avoiding the concentration of all relevant rights in a single operator, and to establish competition safeguards throughout the value chain for the benefit of football consumers.”
According to an analysis by Morningstar DBRS, the success of the centralization process will ultimately depend on its execution and ability to create value.
In an optimistic scenario, the ratings agency forecasts annual revenues exceeding €300 million, a result that would benefit all clubs. In a downside scenario, revenues could fall below €200 million, with Benfica, FC Porto and Sporting expected to be the most negatively affected.