Sociedade Anônima do Futebol (SAF): reflexões sobre a gestão e o tratamento das dívidas dos clubes brasileiros

Abstract

This study aims to present reflections on Law No. 14.193/21, which created Football Corporations (SAFs), with a focus on the management of these institutions and debt repayment. The methodology adopted was qualitative, based on a deductive approach, combined with a bibliographic and documentary review on the topic. To this end, the work analyzed historical aspects related to the structural models applicable to Brazilian clubs, ranging from the associative format, the club-company, to the establishment of the SAF. Given the increased socioeconomic relevance of this sector and the clubs' indebtedness, the reasons that motivated this legislative innovation were contextualized. Thus, a qualitative analysis of the law was conducted, particularly regarding the forms of SAF formation, seeking to determine whether the prevalence of the "drop-down" model, envisaged in the theoretical framework of this work, would be confirmed in practice, which it was. Furthermore, the mechanisms for settling obligations applicable to Brazilian clubs, such as the Centralized Execution Regime and Judicial and Extrajudicial Recovery, were examined to assess their usefulness in overcoming these institutions' financial crisis. Finally, the study sought to assess whether the establishment of the SAF represents effective progress in implementing professionalism in management and financial responsibility at clubs, based on the analysis of specific cases. The conclusion is that despite legislative advances, it is unreasonable to establish this direct relationship, given that problems related to associations are sometimes replicated in corporate entities.