Recuperação judicial de clubes de futebol: insegurança jurídica e o esgotamento do modelo associativo

Objective: to analyze the legal uncertainty arising from the application of Brazilian Law 11.101/2005 to football clubs organized as non-profit civil associations, and to assess how the divergence within the Superior Court of Justice (STJ) affects the predictability of the insolvency regime in Brazilian sport. Methods: qualitative, exploratory and documentary research, comprising a review of corporate and sports law scholarship, contemporary reports on club crises, and the examination of rulings by the STJ's Third (REsp 2.200.427/AL) and Fourth Panels (REsp 2.008.646/RS). Results: the Third Panel adopted a substantive criterion and recognized the standing of a sports association without prior registration in the Public Registry of Companies. The Fourth Panel, in a case unrelated to football, denied standing to nonprofit associations on the basis of strict legality. Whether registration under Article 971 of the Civil Code is mandatory remains unsettled, and the CBF's Financial Sustainability System further reduces the practical effectiveness of judicial reorganization. Conclusion: the lack of a settled position prevents a safe procedural path for associative clubs, which reveals the technical exhaustion of this model and the need for the STJ to unify its case law.