Corinthians chairman explains how a possible SAF could work

In partnership with

Central do Timão

·28 October 2025

Corinthians chairman explains how a possible SAF could work

By Fabio Luigi / Central do Timão Editorial Team

On the afternoon of Monday, October 27, the president of the Corinthians Deliberative Council, Romeu Tuma Júnior, held a press conference at Parque São Jorge and discussed the main updates of the club’s Statute Reform draft. One of the topics addressed was how the process would work to transform the institution into a Football Corporation (SAF).

The document in question emphasizes that, regardless of the corporate model, Corinthians will continue to hold majority control – 51% – of the club’s activities, as stated in the seventh paragraph of article 2. Contrary to what was previously reported, Tuma explained that the potential approval of investors does not depend on an endorsement from the Guidance Council (CORI), which only has a “recommendatory” role, without interfering in the Deliberative Council’s decision.

OneFootball Videos

Photo: Central do Timão

The president of the Council also clarified that, for a possible approval of SAF, two-thirds of those present at the General Assembly vote must ratify the Council’s decision, as stated in article 45, paragraph two.

“§ 2 The transformation of the Club, as well as the split of the football department to create a Football Corporation (SAF), may only be approved by a resolution of the General Assembly, specially convened for this purpose, with the favorable vote of at least 2/3 (two-thirds) of the members entitled to vote, after prior and favorable opinion from CORI and the Deliberative Council, observing the same qualified quorum previously mentioned, and preceded by an independent audit and a formal technical and multidisciplinary ‘due diligence’ process aimed at a detailed verification of the Club’s and the proposed operation’s economic, financial, accounting, legal, labor, tax, contractual, environmental, and asset situation, whose reports and opinions must be fully published on the Transparency Portal.”

“Regarding the opinion of Cori, it is not binding. If there was any error, the draft has already been updated. CORI’s opinion is only indicative, and Council decisions require a two-thirds vote of those present at the meeting. As for the members, unless I’m mistaken, General Assembly resolutions also depend on two-thirds of the voting members present. This is natural, since, as an association, its course is defined by its own members. Every association belongs to its members, who have the right to decide its destiny. If there is an intention to partner with a company or enter into any kind of partnership, the new statute already provides for how this should happen. In any case, the decision must be approved at a General Assembly, with the favorable vote of two-thirds of those present.”

“There is also a provision for a floor amendment, which can be used for last-minute adjustments or proposals, provided there is consensus or a favorable majority. These may be minor corrections, including Portuguese, since the text is still a draft and will undergo review. If any truly relevant contribution arises, it can be incorporated through this amendment, as provided for in the electoral regulations,” began Romeu Tuma.

Next, the president of the Corinthians Council recalled that, at other times, there have already been debates about statutory reforms in previous years, but there was no progress due to the COVID-19 pandemic.

“Unfortunately, many people do not follow how things work in practice. When we talk about statutory reform, there have been previous attempts. In 2017, the president of the Council created a committee to receive proposals from councilors and members. We almost got to vote, but the pandemic ended up disrupting the process, and the accounts of some administrations were only voted on after the end of the terms.”

“In the following administration, another committee was created, and several proposals were presented, resulting in a final report. There was even a compilation of the best ideas, but as the elections approached, the vote did not happen. With this in mind, the regulatory rules of the current reform provide that the committee can make use of previous proposals, even from councilors or members who are no longer active, ensuring greater participation and diversity of ideas,” he continued.

The federal SAF law – no. 14,193/2021 was enacted by the Brazilian government in August 2021. Tuma also highlighted that he has been following the topic for a few years and mentioned a tax rule about this management model – a unified rate of 5% on revenues – starting in January 2027.

“There are several SAF models, and I have followed the topic since the legislative discussions in Congress. An interesting model is the SAF linked to the association itself, which could be adopted by Corinthians. As of 2027, the legislation will require associations to pay taxes in the range of R$ 80 to 100 million, which will be challenging. The approval of this reform may offer ways to deal with this, but if it is not enough, we need to look for alternatives.”

The draft document also emphasizes, in article 2, that any participation by Corinthians in business corporations will require prior approval from the Deliberative Council and the General Assembly of Members.

Tuma highlighted this section in the interview: “The decision on any SAF model, in compliance with the law, will be made by the association’s General Assembly, formed by the members. It is important to make it clear that this press conference is not related to making any future project unfeasible. SAF projects must be presented publicly and be auditable, and any decision will be made within the association, transparently and regulated by the statute.”

Finally, Romeu Tuma Júnior was asked about conversations with members of the SAFIEL Group, which aims to promote administrative professionalization of the club, with market professionals participating in the management and offering more active fan participation in the institution’s decisions.

“I did not watch the interviews they gave, nor did I participate in presentations. What I know comes from the conversation we had in person, which lasted about two hours and was very good. I talked about points they were unaware of: how the Council works, what I understand about SAF, the models I know, and how this relates to the Statute. It was a calm conversation. As Council president, I receive everyone who wants to talk to me, it’s part of my role. I didn’t watch their statements, but I know they happened. And it’s important to remember: the Statute can, indeed, be changed in the future — there are rules for that. Everything is proceeding as normal.”

Tuma, however, emphasized that any possible approval of a Football Corporation at Corinthians is tied to approval of the club’s statutory reform. In November, the reform is expected to be voted on by the Deliberative Council. If it moves forward, the vote at the General Assembly will take place in December. Romeu stressed that he will follow the necessary procedures if the process advances internally.

“I would have to forward it to the (reform) committee, so they could consider including it in the proposal and the council could decide. Officially, nothing has arrived. I spoke with him, I received him as I do anyone, with respect. Some of your colleagues asked me to meet with him, and I did. I have total respect for them and for anyone who wants to defend Corinthians. Here, everyone is on the same side, for the good of the club. But a clear proposal needs to be presented and a willingness for an audit must be shown.”

“When we talk about merger or split, it is necessary to undergo independent audits. Has anyone ever audited the real value of Corinthians? Not yet. It is essential to know how much the club is worth — considering credits, debts, everything — so we have transparency and avoid future problems. In any case, I have nothing against them. No formal proposal has arrived, and now the focus needs to be on voting for the new statute. We need to approve it urgently to get Corinthians out of the current situation. If this doesn’t happen, the club won’t be able to survive. All the solutions are there. There may be disagreements, but it’s all in the statute.”

See More: