Corinthians statute reform plan could block SAFiel move, find out why

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Gazeta Esportiva.com

·29 octobre 2025

Corinthians statute reform plan could block SAFiel move, find out why

The creators of SAFiel launched the proposal this Tuesday that aims to transform Corinthians into a Football Corporation (SAF), with fans as shareholders. However, the initiative differs from the text described in the draft of the club's statute reform, presented by the president of the Deliberative Council, Romeu Tuma Júnior.

The statutory reform project stipulates that at least 51% of the share capital of a possible SAF remains under Corinthians' control – meaning the club would retain majority control of the shares.

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The proposal goes against what the creators of SAFiel think. During the launch ceremony, one of the founders, Carlos Teixeira, stated that the text of the possible new statute could generate market distrust and reduce adherence.

“We understand that if the associative club wants to hold the majority of the shares, it sends a message to the market that it wants to remain in command. Unfortunately, the associative club was responsible for the situation reaching where it is. An investor would hardly enter this scenario, after all, there would be no change in the management control axis,” said the businessman.

Carlos Teixeira, Maurício Chamati, Eduardo Salusse, three of the creators of SAFiel (Photo: André da Silva Costa/Gazeta Press)

Does the draft make SAFiel unfeasible?

When asked if the draft makes SAFiel unfeasible, Carlos replied “yes.” However, Eduardo Salusse, another creator of the initiative, noted that there are ways to adapt the statute.

“The Corinthians statute is bad, old, contradictory, and full of gaps. I am from a generation where eye-to-eye is more important than what is in the statute. If there is a will, the statute matters little. Cruzeiro had a similar restriction to Corinthians and it was altered in the same assembly in which the SAF was approved,” said the lawyer.

According to Romeu Tuma Júnior, president of the Corinthians Deliberative Council, the creators of SAFiel even met with him at the club's social headquarters, but did not formally submit a proposal to the Statute Reform Committee. The project leaders claimed to have encountered barriers to advancing the idea behind the scenes at Parque São Jorge and sent the proposal via email to president Osmar Stabile.

What does the article say about SAF

The Article 45 of the Corinthians statute reform project provides for the transformation of the club into SAF. See what the text says:

1. The transformation of the Club, as well as the division of the football department to form a Football Corporation (SAF), can only be approved by resolution of the General Assembly, specially convened for this purpose, with the favorable vote of at least 2/3 (two-thirds) of the members entitled to vote, after prior and favorable manifestation of CORI and CD, observing the same qualified quorum previously mentioned, and preceded by an independent audit and a formal technical and multidisciplinary “due diligence” process aimed at detailed verification of the economic, financial, accounting, legal, labor, tax, contractual, environmental, and patrimonial situation of the Club and the proposed operation, whose reports and opinions must be fully published on the Transparency Portal;
2. In any case, the acquisition of the majority control of SAF by external investors is prohibited, to ensure that management and institutional control remain under the responsibility of the members, preserving the identity, tradition, and history of Sport Club Corinthians Paulista.

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What is SAFiel?

Conceived by Carlos Teixeira, Maurício Chamati, Eduardo Salusse, and Lucas Brasil, SAFiel envisions transforming Corinthians into a SAF, with professional management, run by the fans. Corinthians fans could buy shares at affordable prices and vote for the board members.

The club would consist of four Councils: Administrative, Fiscal, Cultural, and Governance. The members of each sector would be chosen by the shareholders. The bodies would be responsible for oversight, and there would be periodic external audits to prevent any irregularities.

According to the project, the administration would be the responsibility of professional executives, who would be “hired or fired based on ability and achievement of goals.” The football department would be separate from the associative club.

How would the investment work?

There are three possibilities for shareholders to make financial contributions: a popular reserve, where each fan can buy a maximum of ten shares; a broad retail aimed at Corinthians fans with greater purchasing power; and a third group for professional investors.

To acquire the shares, the interested party must prove their membership to Parque São Jorge or enrollment in the Fiel Torcedor program. No shareholder can buy more than 1.8% of the shares, to avoid power concentration, along with other safeguards. Those wishing to invest must also prove the origin of the funds.

The goal is to raise R$ 2.5 billion to pay off debts and invest in Corinthians' football and social headquarters. The creators claim to base their plan on studies and believe that the shares are likely to appreciate over time.

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