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.

Below is a summary of the main themes and market dynamics that borrowers and lenders should keep in mind as they navigate dealmaking, refinancings, and capital allocation decisions in the second half of 2025 and beyond.

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.