Rafael Menin on SAF investment, says year was below expectations

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·10 December 2025

Rafael Menin on SAF investment, says year was below expectations

During the presentation of Pedro Daniel as the new CEO of Atlético this Wednesday (10), the club’s SAF investor, Rafael Menin, spoke openly about Galo’s financial situation, the need for a new capital injection, and the current scenario of Brazilian football. Menin also gave an overview of the year for the club and commented on his family’s involvement in the project.

The businessman began his speech by acknowledging that 2025 fell short of the club’s ambitions.

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It hasn’t ended for those who are involved day-to-day, as there is still a lot of work ahead. But, indeed, it was a year below what we expected. A more confusing year than the other five years we have been working on this challenging project, which is leading this institution.

Financial situation and new capital injection

Menin emphasized that, although the SAF has improved Atlético’s financial statements, the club still faces a sensitive situation—which will require a new capital injection:

Everyone knows that we still have a delicate financial situation, which has improved after the SAF, and we have been working tirelessly throughout this year to make a new move. As part of this process, we advanced with the dilution clause of the association, because that was an obstacle for us to make a new move.

The statement confirms that the SAF is preparing a new round of investment to improve the club’s financial health and try to keep the team competitive while honoring financial commitments.

Brazilian scenario still unfavorable and family involvement

Commenting on the environment for investments in national football, Menin pointed out obstacles that make the market less attractive.

Brazil continues to be a context that is not so—I wouldn’t say unattractive, but with a smaller pool of investors, because we don’t have a structured league. Now Fair Play is coming, which will be an important step. It is still a non-trivial scenario for attracting investors to enter Brazilian football.

Menin also highlighted the role of the family in Atlético’s reconstruction and professionalization process, since before the creation of the SAF: “The (Menin) family is very involved in this process. We often talk about the size of our participation, which began with the donation of the stadium land. Before the SAF, we also said that the family, before being able to have the SAF, put a significant amount of money into this Club, without adjustment. Always looking at this club with care, wanting to build a legacy.”

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