Sociedade Anônima do Futebol

Sociedade Anônima do Futebol ("Football anonymous society", SAF) is a special type of public limited company in Brazil.[1] The new legal status was introduced by Law 14193/21,[1] which sought to improve the governance and financial management of Brazilian football clubs.[2]

For the equivalent in Portugal, see Sociedade Anónima Desportiva.
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Background

Until 2021 football clubs in Brazil were traditionally structured as non-profit civil associations, who are exempt from taxes such as the Corporate Income Tax (IRPJ) and Social Contribution on Net Profits (CSLL), and who are prohibited from being sold to investors. Law 14193/21 seeks to provide a safer legal framework for clubs to transition to companies, providing mechanisms such as a centralized regime for indebted clubs to pay their creditors, allowing clubs to issue debentures and incentivizing new investments.[2][3] Other than the civil associations, some football clubs were structured as public limited companies prior to the introduction of the SAF model, such as Cuiabá Esporte Clube and Red Bull Bragantino.[4]

The law was based on a study by the lawyers Rodrigo Monteiro de Castro and José Francisco Manssur, published in their book "Futebol, Mercado e Estado" (Football, Market and State), where the Brazilian football business structure was analyzed and compared to foreign experiences. Afterwards, the content of the study was presented to the National Congress in 2019 by senator Rodrigo Pacheco (PSD-MG), resulting in the creation of Bill 5.519/2019, authored by senator Carlos Portinho (PL-RJ).[2]

List of SAFs
Club Majority shareholders[4][5][6] SAF establishment date Note
Cuiabá Esporte Clube Brazil Dresch Family (100%) December 2021 Was structured as a public limited company prior to transitioning to a SAF
América Futebol Clube (MG) Brazil América SAF (100%) January 2022
Club de Regatas Vasco da Gama United States 777 Partners (70%) 21 February 2022
Botafogo de Futebol e Regatas United States John Textor (90%) 3 March 2022
Cruzeiro Esporte Clube Brazil Ronaldo (70%) 14 April 2022
Esporte Clube Bahia United Arab Emirates City Football Group (90%) 4 May 2023
Coritiba Foot Ball Club Brazil Treecorp (90%) 22 June 2023
Clube Atlético Mineiro Brazil Galo Holding (75%) 20 July 2023
Fortaleza Esporte Clube Brazil Fortaleza EC SAF (100%) 23 September 2023 Inspired by FC Bayern Munich, statute prohibits club from selling over 50% of shares[7]

See also

References
  1. Deputy Director for Legal Affairs of the Presidency of the Republic. "LEI Nº 14.193, DE 6 DE AGOSTO DE 2021".
  2. Rodrigo Capelo (2 September 2022). "O que é SAF? Entenda formato que mudou o futebol brasileiro" (in Portuguese). Globo Esporte. Retrieved 9 May 2023.
  3. "Sociedade Anônima de Futebol: a tool for restructuring Brazilian football clubs". mattosfilho.com.br.
  4. Ricardo Magatti (14 April 2023). "Brasileirão das SAFs: os clubes que viraram empresas, quem estuda virar e os que rejeitam a ideia" (in Portuguese). O Estado de S. Paulo. Retrieved 10 May 2023.
  5. Wesley Santana (9 May 2023). "Treecorp adquire 90% do Coritiba, na primeira transação de um private equity brasileiro no futebol" (in Portuguese). InfoMoney. Retrieved 23 May 2023.
  6. "Atlético-MG vira SAF com aprovação do Conselho; veja valores, quem vai comandar e modelo de gestão" (in Portuguese). Globo Esporte. 20 July 2023. Retrieved 22 July 2023.
  7. "Fortaleza aprova transformação em SAF inspirada no Bayern de Munique; entenda" (in Portuguese). ESPN. 23 September 2023. Retrieved 25 September 2023.


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