SAFiel's new Corinthians bid: funding, golden share, Arena debt | OneFootball

SAFiel, a project proposing the transformation of Corinthians’ football department into a Football Corporation (SAF) controlled and financed by the club’s own fans, submitted its second Non-Binding Offer letter to the club’s board on June 2. The document was sent to president Osmar Stabile, with copies to acting president of the Deliberative Council Leonardo Pantaleão and president of the Advisory Council (CORI) Miguel Marques e Silva.

In the proposal, Invasão Fiel S.A., the company behind the project, argues that Corinthians’ financial and institutional situation requires the matter to be reviewed as a priority and immediately by the club’s competent bodies. The document emphasizes that Timão’s total debt already exceeds R$ 2.8 billion and has a structural and growing nature, consuming approximately 40% of annual recurring revenue in interest payments alone.

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Those responsible for the project state that the debt grows by approximately R$ 1.2 million per day, making every delay in reviewing the proposal a financial loss for Corinthians. SAFiel also cites the deficit results recorded by the club in the first quarter of 2026, the recurring advance of future revenues to cover cash needs, and the combination of payroll and debt servicing, which, according to the document, absorbs virtually all of the club’s operating revenue.

Among the factors cited to justify the urgency of the review are Neo Química Arena’s debt with Caixa Econômica Federal, the risks of salary delays, the frequent need to sell players to generate cash, FIFA’s recent transfer bans, the gradual increase in the rates of the Centralized Enforcement Regime (RCE), obligations arising from tax agreements, the impacts of Tax Reform, restrictions on obtaining tax incentives, financial fair play requirements, and the risk of judicial intervention motivated by questions related to the club’s governance.

The proposal also considers that a potential judicial restructuring would be insufficient to solve Corinthians’ financial crisis, especially because it would not cover a relevant part of the liabilities, including guaranteed obligations and the debt with Caixa. The project’s authors also state that adopting an SAF model with dispersed capital would be able to preserve the club’s popular identity and avoid concentrating control in a single investor or economic group.

Operation structure foresees raising between R$ 2.5 billion and R$ 3 billion

The proposal provides for the creation 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, licensing and broadcasting contracts, sports and administrative infrastructure, trademarks, databases, and liabilities linked 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 primarily allocated to the club’s financial restructuring, including the 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 exchange for transferring the football department to the new corporation, 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, corresponding to 2% of the amount raised.

The project also establishes a model of popular participation. Common shares with voting rights would be allocated exclusively to Corinthians fans, with a minimum investment set at R$ 250. Each taxpayer ID number (CPF) would have a maximum ownership limit of 2% of the voting capital, a mechanism aimed at preventing the formation of controlling groups and ensuring dispersed ownership. Institutional investors could participate only through preferred non-voting shares, if necessary to complete the fundraising.

Governance provides for a golden share and protection of the club’s identity

The proposed corporate structure reserves Corinthians the status of founding shareholder of the SAF, with a golden share that would guarantee special veto rights on issues considered strategic.

The model also provides for independent boards, governance committees, a cultural council, and specific mechanisms to prevent changes to the club’s historic symbols, such as its name, crest, colors, uniform, and anthem.

Another highlighted point is the so-called “reversibility clause,” which would allow Corinthians to reassume control of the football department in previously defined situations, such as eventual financial mismanagement, proven reckless management, violation of the club’s historic identity, or failure by the SAF to meet essential obligations to the association.

Binding clause provides for early payment of Arena debt

Although the document is predominantly non-binding in nature, the proposal establishes an important exception in Clause 9, considered mandatory if the letter is signed by the parties.

The item determines that Invasão Fiel undertakes to seek advance funding during the due diligence and audit phase, even before the public fundraising planned to finance the operation takes place.

Among the possibilities provided for is the settlement of Corinthians’ debt with Caixa Econômica Federal related to the financing of Neo Química Arena. The text states that the early payment would aim to immediately free up revenues currently committed to the financing, especially funds linked to stadium operations and football.

The proposal also establishes that if the SAF operation is not later completed, the amounts used to settle the Arena debt would not be treated as a lost contribution. In this context, Invasão Fiel would assume the creditor position in the contract originally held with Caixa Econômica Federal, with reimbursement to the investor under conditions to be defined in the future, observing market parameters and conditions similar to those obtained by Corinthians in recent operations.

In addition, the document provides that all costs of the independent audit, to be conducted by a company from the so-called Big Four group, would be fully covered by Invasão Fiel, regardless of the outcome of the negotiations.

According to the presented timeline, the completion of due diligence and independent evaluations would take place in approximately six months. The possible approval of the SAF by Corinthians members is expected around 300 days after the signing of the letter of intent, while the final implementation of the structure and the start of operations would occur in approximately one year.

To go deeper into the details of the new offer and clarify the project’s next steps, Central do Timão interviewed lawyer Eduardo Perez Salusse, one of the creators of SAFiel and legal director of Invasão Fiel. During the conversation, Salusse commented on the foundations of the proposal presented to the club, the intended popular fundraising model, and the group’s expectations regarding the analysis of the project by Corinthians’ deliberative bodies. The full interview will be aired this Thursday (11) at 9 p.m. on TV Central do Timão.

Campaign seeks to pressure club to review proposal

Alongside the presentation of the new proposal, SAFiel launched a mobilization among Corinthians fans to push for a formal review of the project by the club’s competent bodies. Last Tuesday (9), the group launched a digital platform aimed at collecting expressions of support for the review of the offer submitted to Corinthians’ board.

The initiative aims to expand fans’ participation in the debate over paths for the financial and administrative restructuring of black-and-white football, in addition to showing the current management the supporters’ interest in discussing alternatives for the club’s future.

Through the website SAFiel Now!, Corinthians fans can register their support for opening discussions on the proposal presented by Invasão Fiel. According to the organizers, the campaign does not seek to pre-approve the project, but rather to encourage it to be officially reviewed and submitted to the deliberative bodies provided for in Timão’s bylaws.

According to data released by SAFiel itself, more than 40,000 fans had already joined the initiative by the morning of this Thursday.

Corinthians News

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