Rio Ave

Rio Ave was founded in 1939, soon being nicknamed Rio Grande (Big River). The side had two of its best moments in the 1980s, under the management of Félix Mourinho, father of José Mourinho: in 1981–82, the club finished in a joint-best fifth place, and two years later it reached the Taça de Portugal final, losing to Porto 4–1.

In 2013–14, the club reached both cup finals under the management of Nuno Espírito Santo, but lost to treble-winners Benfica in both. This qualified them to their first European campaign, the 2014–15 UEFA Europa League. New manager Pedro Martins led them past Swedish duo IFK Göteborg and IF Elfsborg to reach the group stage, where they came last.

Under Miguel Cardoso, Rio Ave came fifth in 2017–18, equalling their best finish. Two years later, with Carlos Carvalhal in charge and Iranian Mehdi Taremi the league's joint top scorer, the club equalled this position with a new points record of 55. In October 2020, the team reached the Europa League playoffs but lost at home to A.C. Milan, having conceded a penalty equaliser in the last minute of extra time and then losing 9–8 on penalties. The season, under the returning Cardoso, ended with relegation after a 5–0 aggregate defeat to F.C. Arouca in the playoffs.

After relegation, Rio Ave signed 35-year-old manager Luís Freire, who won promotion as champions in 2021–22 and was rewarded with a new contract.

In 2023, Rio Ave's affiliated paying members (sócios) approved the creation of a SAD and the entry of an investor, the Greek Evangelos Marinakis, who had already invested in Olympiacos and Nottingham Forest.