Family members can buy SAFIEL shares, but there are limits—find out more

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Central do Timão

·14 de novembro de 2025

Family members can buy SAFIEL shares, but there are limits—find out more

By Daniel Keppler / Central do Timão Editorial Team

In recent weeks, Corinthians fans have been intensely debating the details of SAFIEL, a SAF project conceived by businessmen Carlos Teixeira and Mauricio Chamati and lawyer Eduardo Salusse. The proposal aims to pay off the club’s debt and manage its football operations, including its assets, through an investment of up to R$ 2.75 billion in shares acquired by fans and companies.

One of the points of discussion concerns the proposed method for purchasing shares. The project foresees the offering of up to 7.5 million common shares, with voting rights, available to fans, each valued at R$ 200. The amount is divided into three “pots”: Popular Reserve (for those who want to buy between one and ten shares), Broad Retail (between 11 and 15,000 shares), and Professional Investor (over 15,000 shares).

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The number of shares each fan owns has a direct influence on the weight of their voting power. This is because SAFIEL operates under the concept of “one share, one vote,” where those who invest more have a “stronger” vote. However, there is a limit: no shareholder may have a vote with a weight greater than the equivalent of 1.8% of the shares fully paid into the SAF, even if they happen to own more shares than this percentage.

According to the project, this measure would serve as a preventive mechanism to avoid excessive concentration of power. Alongside this restriction, there is another: the voting limit is not reserved only for the shareholder’s CPF (tax ID), but also extends to their family nucleus up to the third degree. But what does this mean in practice for the Corinthians fan?

The idea behind this limitation is to prevent, for example, a group of relatives from joining together and individually purchasing a large number of shares, thereby allowing the family to concentrate a significant percentage of the SAF. Thanks to the limit extended to the family nucleus, even if several relatives come together to buy shares, the total voting power of this family group will be limited to 1.8% of the total shares, as previously mentioned.

Thus, this limit does not threaten the possibility of regular fans joining forces to buy shares, in a scenario where SAFIEL is approved—after all, the voting limit of 1.8% of the shares represents a value of tens of millions of reais. It is worth remembering that a family nucleus up to the third degree includes, in a direct line, parents (1st degree), grandparents (2nd degree), and great-grandparents (3rd degree), as well as children, grandchildren, and great-grandchildren in their respective degrees. In the collateral line, it includes siblings (2nd degree) and uncles, aunts, and nephews/nieces (3rd degree). Cousins, in turn, are considered fourth-degree relatives.

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