Social:Sociedade Anônima do Futebol
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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
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.[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
| Club | Majority shareholders[5][8][9] | SAF establishment date | Note |
|---|---|---|---|
| Cuiabá Esporte Clube |  Dresch Family (100%)
|
December 2021 | Was structured as a public limited company prior to transitioning to a SAF |
| América Futebol Clube (MG) | América SAF (100%)
|
January 2022 | |
| Club de Regatas Vasco da Gama |  777 Partners (70%)
|
21 February 2022 | |
| Botafogo de Futebol e Regatas | John Textor (90%)
|
3 March 2022 | |
| Cruzeiro Esporte Clube | Ronaldo (90%)
|
14 April 2022 | |
| Esporte Clube Bahia |  City Football Group (90%)
|
4 May 2023 | |
| Coritiba Foot Ball Club | Treecorp (90%)
|
22 June 2023 | |
| Clube Atlético Mineiro | Galo Holding (75%)
|
20 July 2023 | |
| Fortaleza Esporte Clube | Fortaleza EC SAF (100%)
|
23 September 2023 | Inspired by FC Bayern Munich, statute prohibits club from selling over 50% of shares[10] |
- The list takes into account clubs of Série A and Série B.
See also
- List of football clubs in Brazil
- Sociedad Anónima Deportiva
References
- ↑ 1.0 1.1 Deputy Director for Legal Affairs of the Presidency of the Republic. "LEI Nº 14.193, DE 6 DE AGOSTO DE 2021". http://www.planalto.gov.br/ccivil_03/_ato2019-2022/2021/lei/l14193.htm.
- ↑ 2.0 2.1 2.2 Rodrigo Capelo (2 September 2022). "O que é SAF? Entenda formato que mudou o futebol brasileiro" (in pt). Globo Esporte. https://ge.globo.com/negocios-do-esporte/noticia/2022/09/02/o-que-e-saf-entenda-o-formato-de-clube-empresa-que-mudou-o-futebol-brasileiro.ghtml.
- ↑ 3.0 3.1 "Lei do Clube-Empresa é sancionada" (in pt). Agência Senado. 9 August 2021. https://www12.senado.leg.br/noticias/materias/2021/08/09/lei-do-clube-empresa-e-sancionada.
- ↑ "Sociedade Anônima de Futebol: a tool for restructuring Brazilian football clubs". mattosfilho.com.br. https://www.mattosfilho.com.br/en/unico/restructuring-brazilian-football/.
- ↑ 5.0 5.1 Ricardo Magatti (14 April 2023). "Brasileirão das SAFs: os clubes que viraram empresas, quem estuda virar e os que rejeitam a ideia" (in pt). O Estado de S. Paulo. https://www.estadao.com.br/esportes/futebol/brasileirao-das-safs-os-clubes-que-viraram-empresas-quem-estuda-virar-e-os-que-rejeitam-a-ideia/.
- ↑ "Senado aprova projeto que cria clube-empresa no futebol brasileiro; entenda" (in pt). CNN. 10 June 2021. https://www.cnnbrasil.com.br/economia/senado-aprova-projeto-que-cria-clube-empresa-no-futebol-brasileiro-entenda/.
- ↑ "Câmara dos Deputados aprova projeto do clube-empresa; sanção depende de Bolsonaro" (in pt). Lance!. 15 July 2021. https://www.lance.com.br/futebol-nacional/camara-dos-deputados-aprova-projeto-clube-empresa-sancao-depende-bolsonaro.html.
- ↑ Wesley Santana (9 May 2023). "Treecorp adquire 90% do Coritiba, na primeira transação de um private equity brasileiro no futebol" (in pt). InfoMoney. https://www.infomoney.com.br/negocios/treecorp-adquire-90-do-coritiba-na-primeira-transacao-de-um-private-equity-brasileiro-no-futebol/.
- ↑ "Atlético-MG vira SAF com aprovação do Conselho; veja valores, quem vai comandar e modelo de gestão" (in pt). Globo Esporte. 20 July 2023. https://ge.globo.com/futebol/times/atletico-mg/noticia/2023/07/20/atletico-mg-vira-saf-com-aprovacao-do-conselho-veja-valores-quem-vai-comandar-e-modelo-de-gestao.ghtml.
- ↑ "Fortaleza aprova transformação em SAF inspirada no Bayern de Munique; entenda" (in pt). ESPN. 23 September 2023. https://www.espn.com.br/futebol/artigo/_/id/12630307/fortaleza-aprova-transformacao-em-saf-inspirada-no-bayern-de-munique-entenda.
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