Distribution of TV Revenue in Portugal's 2026/27 Season

Key Highlights

• In the 2026/27 season, there will be no distribution key in Portugal. Each club in Liga Portugal will market the rights to their home games individually, making Portugal the last major European league without centralized marketing.
• Benfica has secured the largest individual contract in Portuguese football, amounting to approximately €52.3 million per season for the 2026/27 and 2027/28 seasons.
• The total national rights market is estimated to be around €180 to €195 million per season, with the three major clubs accounting for about 60 percent of this.
• The disparity between the highest and lowest earning clubs in the top league currently stands at a staggering 14 to 15 times, marking an extreme in Europe.
• From the 2028/29 season, a legally mandated centralized marketing system will be in place, with 90% of revenues going to Liga I and 10% to Liga II. Within Liga I, 57.5% will be based on sporting performance.

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1. Absence of a Distribution Key for 2026/27

Those searching for a “Portuguese distribution key” for the 2026/27 season will find none. Unlike leagues such as the Bundesliga, Premier League, La Liga, Serie A, or Ligue 1, Portugal will continue its decentralized approach to marketing national media rights until the end of the 2027/28 season. Each club, operating as a SAD (the Portuguese corporate structure for professional clubs), will independently negotiate the rights to their home games, including the duration, price, and partners.

This approach has resulted in a patchwork of bilateral contracts with varying terms and values. There is no central pool, solidarity component, or performance pillar, which means no table can display a percentage share for each club for the current season.

This system is set to change. The Decreto-Lei n.º 22-B/2021, enacted on March 22, 2021, stipulates that contracts for broadcasting rights established by individual clubs in Liga I and II will not be valid beyond the 2027/28 season. Starting from the 2028/29 season, individual marketing will be prohibited.

The 2026/27 and 2027/28 seasons will serve as a clear transition phase, allowing clubs whose previous contracts expire in the summer of 2026 to sign only two-year agreements leading up to the centralized marketing.

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2. The Broadcasting Landscape for 2026/27

Rights Holders and Coverage

| Rights Holder | Coverage for 2026/27 | Remarks | |---------------------------|------------------------------------------------------------------|------------------------------------------------| | Sport TV | Home games of the majority of the 18 top-tier clubs | Shareholders: MEO (Altice), NOS, Vodafone, Olivedesportos (25% each) | | BTV (Benfica TV) | Exclusive home games of Benfica | Club-owned pay channel, distributed via NOS | | MEO / Altice | Home games of FC Porto, Porto Canal | Contract runs until June 2028 | | NOS | Home games of Sporting CP, Sporting TV | Contract runs until 2027/28 | | Media Capital (TVI / V+)| Home games of Moreirense | Contract from August 2025 to June 2028, partly free-to-air | | Sportdigital (DE) | Foreign rights for Germany | Extended for 2026/27 and 2027/28, mediated by SPORTFIVE |

Notably, during this transition phase, several club contracts expired in the summer of 2026. Sport TV has secured new two-year contracts with some of these clubs and holds pre-emptive rights on others, a significant tool given the interest from other providers.

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3. Club Revenues for 2026/27

Currently, only one contract from this season is documented through a CMVM report (Portuguese securities authority) — that of Benfica. The remaining values are market estimates due to confidentiality in contracts.

3.1 Benfica: The Benchmark Contract

Benfica signed a contract with NOS in January 2026 for the 2026/27 and 2027/28 seasons:

| Component | Total (2 Seasons) | Per Season | |--------------------------------------------------|-------------------|--------------| | Broadcasting and multimedia rights for home games + Distribution BTV | €104.6 million | €52.3 million | | Advertising revenue for BTV channel | €2.4 million | €1.2 million | | Retained dynamic stadium advertising at Estádio da Luz | €7.2 million | €3.6 million | | **Total