e.V. · 1. Bundesliga · Est. 1904 · Europa-Park Stadion (34.700) · Freiburg im Breisgau
What is the financial situation of SC Freiburg? SC Freiburg achieves a Financial Stability Score of 92 out of 100 (rating: green). The equity ratio stands at 80.3% (league average: 34.1%), the personnel cost ratio at 38.8%. The liabilities ratio is 11.7%. Equity stands at €151.9M.
Data as of:DFL Financials: FY 2023/24 (reporting date 30.06.2024)·Squad values: April 2026·Transfers: current·Update: DFL FY 24/25 expected May/June 2026
Freiburg are the anti-BVB: no glamour, no mega-transfers, no CL ambitions — but the most stable balance sheet in the entire league. Equity ratio 80.3%, personnel cost ratio 38.8%, practically debt-free. The Streich/Schuster model proves that sustainable management in professional football is possible. The flipside: the sporting ceiling is structurally limited. Freiburg will never be champions — but will also never face financial distress.
Freiburg ist der Beweis, dass Bundesliga-Fußball ohne Minsky-Risiko möglich ist. Keine Konzernabhängigkeit, keine Transfer-Abhängigkeit, keine Gehaltsexzesse. Der Preis: Kein CL-Anspruch, kein Glamour. Aber auch: Kein Black Swan.
Financial data shown is based on DFL Financial Indicators 2025 (FY 2023/24, reporting date 30.06.2024). The Bundesliga overall grew by 6.7% in 2024/25 to over €5 billion in revenue. Whether SC Freiburg benefited disproportionately will be revealed by the next DFL Financial Indicators, expected May or June 2026. The Outlook tab below contains an informed projection.
92
Antifragile
Revenue 2023-24
€195.2M
Gross revenue · Einzel accounts
Personnel Cost Ratio
38.8%
League avg. 47.9%
Squad Value
€197.5M
BV €40M · Reserves €157.5M
Europa-Park Stadion
34.700 seats
Eigentum
Equity Ratio
80.3%
League avg. 34.1%
Liabilities Ratio
11.7%
League avg. 47.0%
Summary: Freiburg are the anti-BVB: no glamour, no mega-transfers, no CL ambitions — but the most stable balance sheet in the entire league. Equity ratio 80.3%, personnel cost ratio 38.8%, practically debt-free. The Streich/Schuster model proves that sustainable management in professional football is possible. The flipside: the sporting ceiling is structurally limited. Freiburg will never be champions — but will also never face financial distress.
DFL License Check
Freiburg meet all criteria with extreme buffer. Equity ratio of 80.3% is the league's top value. Liabilities only 11.7%. Freiburg are the most stable club in the Bundesliga from a balance sheet perspective — more stable than Bayern in relative metrics.
Positive Equity
\u2713
€151.9M
Passed
Equity Ratio > 30%
\u2713
80.3%
+50.3pp buffer
Liabilities < 50%
\u2713
11.7%
38.3pp buffer
Balance Sheet (2024-06-30)
Total Assets€189.2M
Equity€151.9M
Liabilities€22.2M
P&L (2023-24)
Revenue€195.2M
Personnel Costs€75.6M
EBITDA€79.1M
Net Income€40.9M
Equity X-Ray — Hidden Reserves
Extremely low book values due to cheap transfers and youth development. Value creation ratio of 52.8% (squad spending only 93.2M vs. market value 197.5M). Virtually no repricing risk — Freiburg never buy expensive.
Squad Valuation
Player Assets (Book Value)€40M
Squad Market Value€197.5M
Hidden Reserves€157.5M
Key Players (largest hidden reserves)
Merlin Röhl BV €1M → MV €18M+€17M
Ritsu Doan BV €5M → MV €15M+€10M
Junior Adamu BV €4M → MV €10M+€6M
Transfer Balance (5 Years)
Season
Spending
Income
Net
2025-26
€20M
€15M
-€5M
2024-25
€15M
€25M
+€10M
2023-24
€18M
€20M
+€2M
2022-23
€12M
€30M
+€18M
2021-22
€8M
€15M
+€7M
5-Year Balance
€73M
€105M
+€32M
Financial Stability Score — Components
Equity Ratio (25%)
100
Personnel Costs (25%)
100
Liabilities (20%)
100
Transfer Balance (15%)
85
Revenue Diversif. (15%)
60
Strengths
Highest equity ratio in the league (80.3%)
Lowest personnel cost ratio in top 10 (38.8%)
Lowest liabilities ratio (11.7%) — practically debt-free
New Europa-Park Stadion fully financed without debt
Positive 5-year transfer balance (+32M) without a single mega-sale
Revenue only 195M — half of BVB, one third of Bayern
No star player in the squad — no transfer windfall expected
Sporting ceiling: Europa League yes, Champions League unlikely
Risk Profile
Leading Indicators
Neues Stadion Auslastung
Europa-Park Stadion (34.700) konstant ausverkauft. Einnahmensteigerung gegenüber altem Dreisamstadion.
Trainer-Übergang
Streich-Ära beendet (2024), Schuster übernommen. System stabil, aber Streich war über 12 Jahre der kulturelle Anker.
Structural Risks
Niedrig
Erlösdecke
195 Mio Umsatz ist das strukturelle Maximum für einen Kleinstadt-Club ohne CL. Wachstum nur durch Europa-Wettbewerbe oder Stadion-Events.
Mittel
Scouting-Abhängigkeit von Jochen Saier/Klemens Hartenbach
Freiburgs Modell hängt an wenigen Entscheidern die seit Jahrzehnten im Club sind. Generationenwechsel im Management könnte Scouting-Qualität gefährden.
Black Swan
Es gibt keinen plausiblen Black Swan
Freiburg hat keine Konzernabhängigkeit, keine überhöhten Gehälter, keine Schulden, kein fragiles Transfermodell. Das einzige Szenario wäre ein Multi-Saison-Absturz mit Abstieg — selbst dann hätte Freiburg 151,9 Mio EK als Puffer. Das ist der Punkt: Wer so konservativ wirtschaftet, hat keine Black Swans.
Outlook — FY 2024/25 Projection
Estimate · No official figures
Official DFL financial data covers FY 2023/24. Based on known parameters — transfer activity 2024/25, league growth (+6.7% per DFL Economic Report), sporting results — an informed projection for 30.06.2025 can be constructed. This estimate will be replaced once the official DFL financial data is published, expected May/June 2026.
Metric
FY 23/24 (DFL)
FY 24/25 (Estimate)
Revenue
€195.2M
~€208M
Personnel Costs
€75.6M
~€80M
Personnel Cost Ratio
38.8%
~38.5%
Estimated Result
€40.9M
~€29–43M
Estimated Equity
€151.9M
~€181–195M
Estimated Equity Ratio
80.3%
~91–98%
Simulator (coming soon): Scenario Simulator (coming soon): From summer 2026, you can run scenarios here — What happens upon relegation? What does Europa League qualification bring? Revenue, costs, required actions — interactive per club.
Frequently Asked Questions
Why does Freiburg have the best balance sheet in the league?
Consistent spending discipline over decades: personnel cost ratio 38.8% (lowest in the league), liabilities only 11.7%, no expensive failed signings. The Europa-Park Stadion was financed without taking on debt. Equity ratio 80.3% — higher than Bayern (55.3%).
Can Freiburg sustain this strategy in the Bundesliga?
Yes — uninterrupted top-flight status since 2016, regular European competition. The model proves that financial discipline and sporting success are not contradictory. The limits are CL qualification and a title challenge.
What happens after Streich?
Julian Schuster has taken over seamlessly. The system is club-embedded, not coach-dependent. Saier (sporting director) and Hartenbach (scouting) are the continuity guarantors.
Does Freiburg meet DFL license requirements?
With the most comfortable buffer of all 18 clubs. Equity ratio 80.3%, liabilities 11.7% — Freiburg could absorb 3-4 consecutive loss years without breaching the 30% threshold.