Wikipedia

Sociedade Anônima do Futebol

For the equivalent in Portugal, see Sociedade Anónima Desportiva.

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

Background

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Until 2021 football clubs in Brazil were structured as non-profit civil associations, who were exempted from taxes, and could not be sold to investors. Law 14193/21 seeks to provide a 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 CVM-regulated securities and incentivizing new investments.[3][2][4] 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 (later transitioned to a SAF) and Red Bull Bragantino, who opted to remain as a public limited company.[5]

The law was based on a study by the lawyers Rodrigo Monteiro de Castro and José Francisco Manssur, published in their 2016 book Futebol, Mercado e Estado (Football, Market and State), which analyzed the business structure of Brazilian football and compared it to foreign models. Afterwards, the study was presented to the National Congress in 2019 by senator Rodrigo Pacheco (PSD-MG), resulting in the creation of Bill 5.516/2019, authored by Pacheco.[2]

The bill was reported to the Federal Senate by senator Carlos Portinho (PL-RJ), where it was approved in 10 June 2021.[6] It was reported to the Chamber of Deputies by congressman Fred Costa (PATRI-MG) and voted in 14 July, where it was approved with a 429-7 vote.[7]

The bill was sanctioned by President Jair Bolsonaro in 9 August 2021, resulting in the creation of Law 14.193/2021.[3]

List of SAFs

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Club Majority shareholders[5][8][9] SAF establishment date (per CNPJ registration) Note
 Cruzeiro   BPW Sports (90%) 6 December 2021
  Cuiabá   Dresch Family (100%) 13 December 2021[10] It was structured as a public limited company before transitioning to a SAF, on December 19, 2001.
  Botafogo-SP   BFC (60%) 22 December 2021[11] It was structured as a public limited company before transitioning to a SAF, on August 1, 2018.
  Botafogo   Eagle Holding (90%) 3 January 2022
  América-MG   Association (100%) 5 January 2022
  Coritiba   Treecorp (90%) 10 February 2022
  Vasco da Gama   777 Partners (70%)
  Association (100%) 		16 August 2022 777 Partners ownership is currently suspended.[12]
  Bahia   City Football Group (90%) 27 February 2023
  Atlético-MG   Galo Holding (75%) 28 November 2023
  Novorizontino   Association (100%) 16 December 2023 Unlike other Football Societies constituted through the drop down operation (art. 3, of Law no. 14,193/2021), Grêmio Novorizontino opted for the transformation/conversion of a civil association into SAF, in accordance with provisions 2, item I, of Law no. 14,193/2021.
  Fortaleza   Association (100%) 8 January 2024 Inspired by FC Bayern Munich, statute prohibits club from selling over 50% of shares[13]

See also

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References

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  1. ^ a b Deputy Director for Legal Affairs of the Presidency of the Republic. "LEI Nº 14.193, DE 6 DE AGOSTO DE 2021". Archived from the original on 7 June 2023. Retrieved 9 May 2023.
  2. ^ a b c Rodrigo Capelo (2 September 2022). "O que é SAF? Entenda formato que mudou o futebol brasileiro" (in Portuguese). Globo Esporte. Archived from the original on 9 May 2023. Retrieved 9 May 2023.
  3. ^ a b "Lei do Clube-Empresa é sancionada" (in Portuguese). Agência Senado. 9 August 2021. Archived from the original on 11 November 2023. Retrieved 11 November 2023.
  4. ^ "Sociedade Anônima de Futebol: a tool for restructuring Brazilian football clubs". mattosfilho.com.br. Archived from the original on 9 May 2023. Retrieved 9 May 2023.
  5. ^ a b 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. Archived from the original on 9 May 2023. Retrieved 10 May 2023.
  6. ^ "Senado aprova projeto que cria clube-empresa no futebol brasileiro; entenda" (in Portuguese). CNN. 10 June 2021. Archived from the original on 11 November 2023. Retrieved 11 November 2023.
  7. ^ "Câmara dos Deputados aprova projeto do clube-empresa; sanção depende de Bolsonaro" (in Portuguese). Lance!. 15 July 2021. Archived from the original on 11 November 2023. Retrieved 11 November 2023.
  8. ^ Wesley Santana (9 May 2023). "Treecorp adquire 90% do Coritiba, na primeira transação de um private equity brasileiro no futebol" (in Portuguese). InfoMoney. Archived from the original on 23 May 2023. Retrieved 23 May 2023.
  9. ^ "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.
  10. ^ https://ge.globo.com/mt/futebol/times/cuiaba/noticia/clube-empresa-desde-a-fundacao-cuiaba-vira-saf-e-abre-caminho-dentre-os-times-da-serie-a.ghtml
  11. ^ https://botafogofutebolsa.com.br/wp-content/uploads/2024/04/BFSA-Demonstrac%CC%A7o%CC%83es-Financeiras-e-relato%CC%81rio-da-Auditoria-2023.pdf
  12. ^ "Justiça suspende contrato com a 777 e devolve controle do futebol ao Vasco". ge (in Brazilian Portuguese). 16 May 2024. Retrieved 16 May 2024.
  13. ^ "Fortaleza aprova transformação em SAF inspirada no Bayern de Munique; entenda" (in Portuguese). ESPN. 23 September 2023. Archived from the original on 24 September 2023. Retrieved 25 September 2023.
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