Corinthians' SAFIEL Project Aims to Create Fan-Controlled Football Corporation
The SAFIEL project proposes transforming Corinthians into a fan-controlled football company with innovative governance and financial restructuring.
- • SAFIEL aims to transform Corinthians into a fan-controlled football corporation with governance similar to public companies.
- • Two types of shares will be issued: voting shares for fans in Fiel Torcedor and non-voting preferred shares for investors.
- • Market value estimated at R$ 3 billion, with R$ 2.5 billion for debt repayment and R$ 500 million for new investments.
- • Voting power per investor limited to 1.8%, with a fundraising target above R$ 2 billion and a five-year lock-up period for shares.
Key details
The Corinthians football club is on track to undergo a historic transformation through the SAFIEL project, which aims to convert the club into a fan-controlled Sociedade Anônima do Futebol (SAF). The innovative model, developed by Carlos Teixeira and Eduardo Salusse, will establish a new governance structure involving two main partners: the Sport Club Corinthians Paulista and a company composed of fan shareholders. Their goal is to distribute control among hundreds of thousands of Corinthians supporters to create a governance framework similar to that of publicly traded companies.
The SAFIEL structure will issue two categories of shares: voting shares exclusively available to fans who are members of the Fiel Torcedor program, and non-voting preferred shares for investment funds and companies. To prevent concentration of power, no single investor will be allowed to hold more than 1.8% of the voting shares. The project seeks to raise over R$ 2 billion in capital, which will be partly used to address the club's financial challenges.
According to Teixeira and Salusse, the transformation could elevate Corinthians' market value to approximately R$ 3 billion. Of this, R$ 2.5 billion is projected for debt repayment, with the remaining R$ 500 million allocated for new investments. The model provides mechanisms for direct negotiations to reduce the club’s debt, including judicial recovery options and tax debt renegotiation. A notable component is a five-year lock-up period for investors before their shares can be sold, creating stability within the model.
The SAFIEL founders emphasized that the initiative is driven by supporters and not tied to political or commercial interests, aiming to serve the Corinthians community as a donation and commitment to sustainable governance.
In summary, the SAFIEL project promises a revolutionary approach to football club management in Brazil by integrating fan participation directly into ownership and decision-making, potentially setting a new standard for transparency, financial restructuring, and democratic control in sports.