SAFIEL founder: Corinthians creditors may swap debt for SAF shares

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Central do Timão

·23 November 2025

SAFIEL founder: Corinthians creditors may swap debt for SAF shares

By Daniel Keppler / Central do Timão Editorial Team

On the morning of this Sunday (23), the podcast Deu Zebra Cast interviewed businessman Carlos Teixeira, one of the creators of SAFIEL, a project that envisions the separation of Corinthians' football from the social club and its professionalization through the establishment of a SAF, with financial support of up to R$ 2.75 billion from fans and companies.

The conversation, which lasted almost two hours, explained the proposal from its origin and addressed various aspects of the project's structure. One of the debated points was the possibility that Corinthians' creditors, whose debt currently exceeds R$ 2.7 billion, could become shareholders of the SAF by converting their debts into preferred shares (which do not have voting rights).

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Teixeira agreed with the possibility. According to him, the idea is "on the table," but in a potential advancement of the proposal with the club, the mechanism would be used by SAFIEL "with caution." Caixa was cited as an example of a creditor whose profile would be "suitable to enter this category" – on the other hand, agents and businessmen with whom the club has debts would not be among the possible beneficiaries.

It is worth remembering that the SAF law (14193/2021) expressly provides this mechanism as one of the ways for the company to settle the debts assumed from the association. In its article 20, the law states: “The creditor, holder of the credit, is allowed to convert, in whole or in part, the club's or original legal entity's debt into shares of the Football Corporation or into securities issued by it, provided it is foreseen in its statute.”

Another strategy raised by Teixeira to tackle Corinthians' debt was extrajudicial recovery (REJ). This is a legal mechanism that allows a company to negotiate its debt directly with creditors, outside the judicial scope – which would only ratify the agreement later. It is known for being a faster, more flexible, and less bureaucratic alternative than judicial recovery (RJ).

Check out the full interview with Carlos Teixeira on Deu Zebra Cast below:

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