Corinthians compliance team spots red flags, raises questions over SAFiel | OneFootball

The compliance department of Corinthians reviewed the Non-Binding Letter of Intent submitted by the creators of SAFiel to the club and recommended to the board, led by Osmar Stabile, not to sign the proposal until some doubts are clarified.

According to Gazeta Esportiva, compliance identified some 'red flags' in the project, which proposes transforming Corinthians into a SAF (Sociedade Anônima do Futebol). The department examined this and over 100 other contracts last month and highlighted the need for clarifications on some points.

Before these questions are answered, it is suggested that the club's board does not proceed with the proposal, which was presented to the club in a meeting of SAFiel's founders with Romeu Tuma Júnior, president of the Timão's Deliberative Council.

(Photo: Disclosure/SAFiel)

Red flags

One of the red flags pointed out by compliance is the fact that the company Invasão Fiel S.A was recently opened with a low share capital of only R$ 3,000, despite promising to raise R$ 2.5 billion to pay off Timão's debts and invest in football.

Additionally, the department found that Maurício Chamati, one of the project's creators, is involved in a fraud case in court. The businessman, who is a co-founder of Mercado Bitcoin, also has ties with the former management of the club, led by the ousted president Augusto Melo.

Chamati participated for seven months in the Independent Finance Committee of Corinthians. The group's members, created by Pedro Silveira, then the club's financial director, signed a NDA (Non-Disclosure Agreement) valid for five years to prevent the leakage of confidential information. This information was initially published by Uol.

The businessman, therefore, committed to keeping confidential the data he accessed. However, months after the Committee's dissolution, which was disbanded after Augusto Melo's impeachment, Chamati began working with Carlos Teixeira and Eduardo Salusse on the SAFiel project. The project was officially launched on October 28 of this year.

SAFiel sees "exaggeration"

According to sources linked to SAFiel heard by Gazeta Esportiva, members of the project believe there is an "exaggerated suspicion" from Corinthians' directors and councilors. There is also dissatisfaction with how the issue is being handled internally at the club, marked by a "us against them" atmosphere.

Moreover, supporters argue that Mauricio Chamati, although part of the group of SAFiel's creators, would not benefit from the project if it materializes.

It is not possible to guarantee that president Osmar Stabile will not sign the SAFiel proposal. However, the likelihood of this happening at the moment is low, given the compliance recommendation.

What the councilors think

The compliance statement led some Corinthians councilors to backtrack on the SAFiel project. Still, a part of the Deliberative Council continues to support the proposal and intends to bring it up for discussion at Parque São Jorge.

According to information obtained by the report, councilors are working behind the scenes to gather 50 signatures and thus force Romeu Tuma Júnior to put the issue on the agenda at the next Council meetings. However, according to the General Sports Law, this measure could expose the councilors to personal liability in case of eventual indemnification, as compliance recommended the club not to proceed with the project, at least in its current form.

Amid the SAFiel proposal, the Council will also soon vote on the club's statutory reform project, presented by Romeu Tuma Júnior. The president of the CD is under pressure behind the scenes but intends to insist and bring the text to discussion in the plenary as soon as possible.

What is SAFiel?

Conceived by Carlos Teixeira, Maurício Chamati, Eduardo Salusse, and Lucas Brasil, SAFiel envisions transforming Corinthians into a SAF, with professional management, run by the fans. Corinthians fans could buy shares at affordable prices and vote for councilors.

The club would consist of four Councils: Administrative, Fiscal, Cultural, and Governance. Members of each sector would be chosen by shareholders. The bodies would be responsible for oversight, and there would be periodic external audits to prevent possible irregularities.

Carlos Teixeira, Maurício Chamati, Eduardo Salusse, three of the SAFiel creators (Photo: André da Silva Costa/Gazeta Press)

According to the project, the administration would be the responsibility of professional executives, who would be "hired or fired based on capability and goal achievement." The football department would be separate from the associative club.

How would the investment work?

There are three possibilities for shareholders to make the financial investment: a popular reserve, where each fan can buy a maximum of ten shares; a broad retail, aimed at Corinthians fans with greater purchasing power; and a third group for professional investors.

To acquire the shares, the interested party must prove their association with Parque São Jorge or enrollment in the Fiel Torcedor program. No shareholder can buy more than 1.8% of the shares to avoid power concentration. Those wishing to invest must also prove the origin of the funds.

The goal is to raise R$ 2.5 billion to pay off debts and invest in football and Corinthians' social headquarters. The creators claim to base their plans on studies and believe the shares are likely to appreciate over time.

This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.