With a R$6.9 billion investment, Fluminense unveil SAF proposal | OneFootball

Fluminense has taken another step towards a possible transformation into a Sociedade Anônima do Futebol (SAF). On Monday night, the club’s Deliberative Council officially received the proposal from Lazuli Partners and LZ Sports, which detailed a total investment of R$ 6.9 billion over 10 years. The meeting was broadcast live on FluTV and was purely informational, with no immediate vote.

The document was presented by Carlos de Barros, partner at LZ Sports, and Alessandro Farkuh, head of acquisitions at BTG Pactual bank. The proposal includes an initial investment of R$ 500 million—half to be paid immediately and the rest within two years—and the settlement of the club’s debt, estimated at R$ 871 million.

The R$ 6.9 billion amount includes the club’s own resources and future SAF investments, divided among the payroll for the squad and coaching staff, player acquisitions, youth development, and royalties for the association.

Photo: reproduction / Fluminense

The model presented differs from other SAFs in Brazil, such as those of Botafogo and Cruzeiro. Instead of a single investor, the proposal allows for up to 40 fan-investors to participate in the company, which would become the majority shareholder, while the club would retain a minority stake, calculated according to the club’s current debt. With the current numbers, the division would be 65% for the SAF and 35% for Fluminense.

During the meeting, council members were able to ask questions about the structure and operation of the future SAF. The club’s vice president, Mattheus Montenegro, clarified that part of the investment projected over the decade will be generated by Fluminense’s own revenues, not just by external contributions.

The final vote by club members, which will determine the next steps, will only take place after the Tricolor’s presidential election, scheduled between the second half of November and the first of December. The conclusion of the process is estimated only for February 2026.

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