Experts warn of structural issues in SAFiel project at Corinthians | OneFootball

Conceived by Carlos Teixeira, Maurício Chamati, Eduardo Salusse, and Lucas Brasil, SAFiel envisions a management model for Corinthians inspired by Bayern Munich, with the sale of shares to fans and investors. The proposal limits individual power to 1.8% of the total shares, ensuring voting rights only for Corinthians fans, while institutional investors could participate without voting rights. The expectation is to raise between R$ 1.6 billion and R$ 2.5 billion to pay off debts and modernize the club.

Economist Moises Assayag, managing partner at Channel Associados and a specialist in the financial restructuring of clubs, highlighted that the project can only succeed if it represents a true break from previous management models.

“The new institution should not be a mere continuation of the previous structure in terms of management and governance models. On the contrary, it should represent an evolution, correcting what didn't work and preserving what did,” he stated.

Assayag cited Bayern Munich as an example of balance between identity and capital. “Bayern is a relevant case of attracting capital while maintaining ties with the institution and historical partners. Transparency and alignment of objectives are fundamental for success,” noted the economist, who participated in the restructuring of clubs like Botafogo.

There are risks…

Meanwhile, lawyer Cristiano Caús, a specialist in sports law, sees the SAFiel model aligned with the SAF Law (Law 14.193/2021) but warns of the risk of lack of uniformity due to the absence of a controlling shareholder.

“SAFiel will need to structure legal safeguards, such as voting agreements and veto shares (‘golden share’), ensuring that democratic plurality does not turn into decision-making paralysis,” he stated.

The proposal arrives at Parque São Jorge amid discussions about the draft reform of the Corinthians statute, recently presented by the Deliberative Council. The text proposes that the club maintains majority control (51%) of a potential SAF — a condition that, according to the SAFiel creators, would render the model unfeasible.

“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. It is unlikely that an investor would enter this scenario,” said Carlos Teixeira during the project launch at Pacaembu.

Despite resistance from part of the internal structure, SAFiel is trying to establish itself as an alternative for popular and professional management, anchored in the direct participation of fans. While the board analyzes the proposal, the creators state they will continue to promote the project and clarify doubts from council members and associates.

How would the contribution work?

There are three possibilities for shareholders to make a financial contribution: 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 intended for professional investors.

To acquire the shares, the interested party must prove their association with Parque São Jorge or enrollment in the Fiel Torcedor program. No shareholder can purchase more than 1.8% of the shares, to avoid concentration of power, along with other planned restrictions. Those wishing to invest will also have to prove the origin of their 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 plans 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.