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Governance and Football: The Necessary Separation Between Association Interests and the Football Company
The SAF's draft bill arose from a previous, much less comprehensive initiative: a "simple" proposal to reform the governance model of São Paulo Futebol Clube.
Related-Party Business: The Need to Address the Issue Within the SAF (and Football Clubs) - Part II
It is frequently pointed out that a deal between related parties of the SAF's controlling shareholder and SAF itself signals yet another (alleged) anomaly in the system, to the detriment of the club, usually a minority shareholder in SAF, which does not benefit from such a deal.
Related-Party Business: The Need to Address the Issue Within the SAF (and Football Clubs) - Part I
The provocation, it should be noted, does not apply only to football corporations, created by the SAF Law (Law 14.193/2021). The problem extends, with adaptations, to football clubs, established as non-profit associations.
Risk Allocation in M&A Transactions: The Role of Indemnification
Indemnification means financially repairing the harm arising from the commission of an unlawful act. This legal duty is set forth in the law in a general and abstract fashion and is therefore seldom sufficient to address the particularities of each corporate acquisition or the interests and needs of the parties involved.
Deals with Teams in the Same Economic Group: A Challenge for FIFA
The SAF Law (Law 14.193/2021) is transforming the football ownership model in Brazil. Before it, the football club's owner was, in almost all cases, a club, which is, legally, a non-profit civil association.
Crises in Football and the SAF Law
Atlético-MG is experiencing a financial crisis and raising alarms about the SAF model. This was the headline of an article published in the July 24, 2025, edition of Folha de São Paulo.
The Securities and Exchange Commission, the Capital Markets and the Country (of Football)
The Brazilian Securities and Exchange Commission ("CVM") was created in 1976 as part of a series of measures designed to create a favorable environment for Brazilian companies to access the capital markets.
Argentina, Brazil and European Economic Power
I won't mention the name of the child who made me reflect on certain concepts during the 2022 World Cup final, to spare her the trouble. She made no secret of her preference for France; I leaned toward Argentina, for a non-football reason: the supposed regional connection.
Peru, Brazil, Gastronomy and Soccer
Even among gastronomes, there's a dogma that Brazil, especially the cities of São Paulo and Rio de Janeiro, is a global gastronomic center, endowed with special restaurants, creativity, products, and tradition. In media terms, this dogma doesn't hold up.