High Leverage And Weak Equity BaseA debt-to-equity ratio ~4.07 signals heavy leverage that constrains financial flexibility. Structural interest and amortization obligations limit ability to fund transfers, stadium projects, or absorb revenue shocks, raising refinancing and covenant risk over the medium term.
Material Revenue Declines Recently ReportedA large TTM revenue contraction, driven by lower broadcasting and sponsorship, indicates structural volatility tied to competition performance and partner dynamics. Persistent top-line declines reduce operating leverage and make sustaining commercial investment and squad competitiveness harder long term.
Negative Net Margins And Weak Cash GenerationNegative net margins and negative free cash flow point to a gap between reported results and cash generation. Low operating cash to net income ratio limits capacity to deleverage, reinvest, or fund transfers without raising external capital, a persistent structural constraint for growth strategies.