A utilização do instituto da SAF no Brasil: análise comparativa entre sua função virtuosa e a realidade brasileira

This article examines the application of the Sociedade Anônima do Futebol (SAF, a football corporation), established by Law No. 14,193/2021, from 2021 to 2026, and investigates to what extent its use has departed from the purpose of attracting investment and professionalizing management to become an instrument for restructuring liabilities. It adopts qualitative, legal-descriptive and comparative research, with documentary analysis of legislation, including the amendments introduced by Law No. 15,427/2026, and of specialized doctrine, case studies of Brazilian clubs and a functional comparison with the models of England, Germany and Spain. The results indicate that, in the cases examined, SAFs were mostly created in contexts of severe indebtedness, through the Centralized Execution Regime or judicial reorganization, while capital-market fundraising remained marginal. Even the most successful case on the pitch, Botafogo, ended with the SAF itself filing for judicial reorganization in 2026. The comparison suggests that this functional deviation stems from the absence of prior financial licensing and of sporting sanctions for breaching financial obligations, combined with a culture of deficit-ridden associative management. The article concludes that the SAF has operated mainly as a “pre-reorganization” mechanism and that Law No. 15,427/2026, although it improves governance and the treatment of legacy debts, did not introduce preventive financial controls. It proposes prior licensing, financial fair play with sporting sanctions, independent auditing and regulatory coordination between the Brazilian Football Confederation and the Securities Commission.