Safiel responds to Corinthians board, accepts Osmar Stabile offer; details | OneFootball

This Monday (30), SAFIEL, the group proposing the transformation of Corinthians into a Football Public Limited Company (SAF) through greater fan participation in the institution’s future, replied in a letter saying it accepts the offer made by president Osmar Stabile. It includes settling the club’s debt with Caixa Econômica Federal related to the construction of Neo Química Arena.

Central do Timão has learned that the letter was sent to president Osmar Stabile, Romeu Tuma Júnior, president of the Deliberative Council (CD), and Miguel Marques e Silva, president of the Advisory Council (CORI). The Fiscal Council, chaired by Haroldo Dantas, as well as the legal and financial departments, also had access to the email.

Photo: Reproduction/Instagram

In the email, SAFIEL requests an urgent meeting with the Corinthians board later this Monday. The document also asks the club to provide the time, date, and composition of Alvinegro’s representatives. After the group replied to Alvinegro, committing to draw up a proposal to settle the stadium debt following Osmar Stabile’s interview with ESPN Brasil, the club from Parque São Jorge sent a list of questions to the group behind the SAF proposal.

At the meeting in question, SAFIEL also suggests signing a confidentiality agreement (NDA) and setting up a data room, which would make documents and offers available transparently to members, councilors, and fans. The group also commits to answering any new questions that may arise during the meeting and afterward.

In the message sent, SAFIEL says it expects authorization so it can begin talks with Caixa Econômica Federal regarding the payment, assumption, or restructuring of the debt related to the Arena’s construction. In an interview last Friday, Osmar Stabile said he would sign a binding offer if the group committed to paying off that outstanding debt with the state-owned bank.

SAFIEL says that part of the revenue currently blocked as collateral for the Neo Química Arena financing would be released for up to 12 months after the signing.

Meeting last Monday (26)

The meeting was not initially intended to result in the signing of the Non-Binding Offer (NBO), but rather to clarify issues raised by Corinthians, as Central do Timão has learned. Speaking to the press after last week’s five-hour meeting, Eduardo Salusse and Carlos Teixeira said the meeting served as “an airing of grievances.”

Proposal is called non-binding, but includes a mandatory clause

The legal nature of the NBO is another central point of the statement. Corinthians points out that, although SAFiel classifies the proposal as “non-binding,” Clause 9 is presented in the document itself as containing “Binding Obligations.”

The club’s attention is especially focused on item 9.4, which states that each party must bear its own costs, “unless otherwise agreed in writing.”

For Corinthians, this provision needs to be clarified because it could create financial obligations before any eventual deal is completed. The club wants to know which situations would be covered by the exception provided for in the clause and what the practical consequences of signing it would be.

The document also points to an apparent contradiction between the classification of the NBO as “non-binding,” set out in Clauses 1 and 12, and the immediate legal effect attributed to Clause 9.

For this reason, Corinthians is asking SAFiel to clarify whether the proposal is, in practice, hybrid in nature, with certain mandatory provisions even before any deal is concluded.

Operation structure provides for fundraising between R$ 2.5 billion and R$ 3 billion – Click here to see full details of the proposal

The proposal provides for the incorporation of SAFiel as a corporation responsible for fully absorbing Corinthians’ so-called “Football Perimeter.” Among the assets to be transferred are players’ economic and registration rights, sponsorship contracts, licensing, broadcasting, sports and administrative infrastructure, trademarks, databases, and liabilities tied to football operations.

The model presented sets an initial fundraising target of R$ 2.5 billion, with the possibility of increasing it to up to R$ 3 billion in the event of excess investor demand.

According to the document, the funds raised will be used primarily for the club’s financial restructuring, including payment or renegotiation of football-related debts, investments in the professional squad, youth academy, infrastructure, technology, and governance and compliance programs. The proposal also provides for an initial contribution of up to R$ 50 million to the social club.

In return for transferring the football operations to the new company, Corinthians would receive an equity stake in the SAF, royalties for the use of the brand and institutional identity—estimated at approximately R$ 600 million over ten years—as well as a fee, a kind of remuneration charge for the partnership and the structuring of the operation, equivalent to 2% of the amount raised.

The project also establishes a model of popular participation. Common shares with voting rights would be reserved exclusively for Corinthians fans, with a minimum investment of R$ 250. Each individual taxpayer registration number (CPF) would have a maximum participation limit of 2% of the voting capital, a mechanism designed to prevent the formation of controlling groups and ensure a dispersed shareholder base. Institutional investors could participate only through non-voting preferred shares, if necessary to complete the fundraising.

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