The CRF's balance sheet for the 2007 fiscal year shows a total debt of 295 million. Comparing this figure to the debt amount at the beginning of President Márcio Braga's administration, which was 232 million (total debt + interest adjustments due to exclusion from REFIS), we arrive at a percentage increase of 27%. Considering also that the cost of debt represented an amount of approximately 116 million, the updated value of the debt should be approximately 348 million. Conclusion: Over 50 million of debts prior to 2002 have already been paid off during the administration of the current President, Márcio Braga. Analyzing the figures for other important and representative Brazilian clubs (São Paulo, Corinthians, Internacional, Palmeiras, Santos, Cruzeiro, Atlético Mineiro, Grêmio, Fluminense, Botafogo, and Vasco) during this same period, we conclude that the CRF's debt grew the least, percentage-wise.

It's also worth noting that during this period, clubs like São Paulo, Cruzeiro, Internacional, Santos, and Grêmio prioritized the sale of athletes, which accounted for approximately 50% of their revenue from January 2004 to December 2007. In contrast, with regard to the CRF, these sales represented less than 15% of revenue during the same period. Had the club "respected this general rule," it would have raised approximately 90 million more during this same period.

If we continue on this path of austerity and balance, we will reach 2014 with no debt other than fiscal debt. Since the fiscal debt was duly adjusted with the implementation of Timemania, we can then say that Flamengo has finally achieved debt elimination.

Vice-Presidency of Administration and Finance\ Rio de Janeiro, May 30, 2008\