Brazilian Football's SAF Model Faces Cautious Phase and Calls for Maturity in 2026
Four years after the SAF law, Brazilian football clubs show cautious SAF adoption amid calls for improved governance and investor maturity.
- • Since 2022, 117 Brazilian clubs became SAFs, but growth slowed in 2026 with major clubs hesitating.
- • SAF clubs have won only a few titles and faced significant relegations, revealing competitive challenges.
- • Experts at São Paulo Innovation Week stress the need for improved governance and alignment between clubs and investors.
- • Successful SAF investment requires infrastructure, capital, and time to mature, particularly in lower divisions.
Key details
Four years after the introduction of the Sociedade Anônima do Futebol (SAF) law, Brazilian football is experiencing a significant transitional period marked by a slowdown in the adoption of the SAF model and growing scrutiny over its effectiveness and governance.
Between 2022 and 2025, the SAF model gained considerable traction, with 117 clubs transitioning to this corporate structure to address financial challenges. However, 2026 has brought a more cautious approach from clubs, particularly traditional heavyweights like Flamengo, Palmeiras, and Corinthians, which have yet to adopt the SAF system. Notably, 38 clubs across the top three divisions remain outside the SAF framework, with São Paulo state alone accounting for eleven of these clubs.
Some clubs are notable SAF success stories, such as Americano and Villa Nova, both managed by the Boston City Group, and Feira Futebol Clube, which was founded directly as an SAF entity. Meanwhile, Joinville is actively negotiating a R$150 million investment to formalize its SAF status. Despite this growth, SAF clubs have had mixed competitive results, achieving just one international title and three major national titles, while suffering five relegations from Serie A. Moreover, only three SAFs have finished in the top four of Serie A since the law's enactment.
Industry experts at the São Paulo Innovation Week emphasized the need for maturity and better governance within SAFs. Rodrigo Tostes highlighted that while SAFs are vital for the future of Brazilian football, improved governance and alignment between clubs and investors are crucial. He underscored that sustainable revenue must come primarily from fan engagement and player transfers rather than solely investor capital.
César Grafietti, a finance professional, warned about the immature investment environment, particularly for lower-division clubs. He outlined three essential pillars for successful football investment: robust infrastructure, sufficient capital, and time to realize returns.
This evolving scenario indicates that Brazilian football is entering a new SAF phase marked by cautious adoption, calls for transparency, and the challenge of integrating investor interests with club stability and competitive success.
This article was translated and synthesized from Brazilian sources, providing English-speaking readers with local perspectives.
