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Senate approves Club-company project and establishes Sociedade Annima do Futebol

a Senate On Thursday, he approved a bill that would prevent Brazilian football clubs from transforming themselves into companies. The institutions that will join will be able to attract investors and establish procedures for governance, oversight and transparency. author of the bill President of the Senate, Rodrigo Pacheco (Democrats MG). From now on, the proposal will be referred to the House of Representatives for analysis.

project of law (5.516 / 2019) creates a file The Animation Football Association (SAF), a model that gives clubs new financing possibilities. Among them is the issuance of shares, bonds, debentures, or securities under a regulation Securities Commission (cfm).

Currently, clubs qualify as non-profit associations. With the legislative change, individuals, legal entities and investment funds will be able to participate in the management.

Among the big clubs in Minas Gerais, America and Cruzeiro are most interested in having the project approved in the National Congress. Both intend to become the Football Association as soon as possible.

See some project points

  • Allows a club to migrate to the Football Anonymous Society (SAF) model to attract investors and have new ways of obtaining resources through the issuance of stocks, bonds, bonds or securities;
  • Individuals, legal entities and investment funds can be part of the management team;
  • Mandatory presence of the Board of Directors and the Finance Board with rules that avoid conflicts of interest, such as having Board members dedicated exclusively to the SAF;
  • External audit conducted by an independent company;
  • Publication of financial statements, contribution, regulations and minutes online for ten years.
  • The project preserves the club’s own rights, with veto and decisive decision power in team name changes and identity changes – symbol, coat of arms, brand, national anthem, nickname, colors and venue change;
  • Discharge of civil and labor debts of the clubs or original legal entity, through creditor competition or judicial or extrajudicial reorganization.
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Senator Rodrigo Pacheco asserts that these measures will provide clubs that adhere to the model to demonstrate greater confidence, credibility and security for investors.

(Photo: Pedro Fran

The proposal lists a series of governance rules, such as the mandatory presence of a board of directors and a supervisory board with clear composition rules that avoid conflicts of interest, external auditing of accounts by an independent company and the publication of financial statements in the Internet for ten years. The Senate president also mentions that it is inspired by successful business models in Germany, Spain and Portugal.

The project report, prepared by Senator Carlos Portinho (PL-RJ), also added ways to settle the civil and labor debts of the clubs or original legal entity, which would be inherited by the SAF, preventing legal uncertainty. The company can choose, for example, to make the payment through creditor competition, judicial or extrajudicial reorganization. Pacheco considered that all these measures will improve management and increase revenue, in addition to allowing athletes to work longer in Brazil.

This proposal is aimed at the professionalization of football, the creation of corporate governance rules, the possibility of issuing bonds and even shares of the company owning the club on the stock exchange. I think this will save Brazilian football. He will save many clubs that have many traditions, have many values, are ready to keep the country’s athletes who just need good management, commercial and professional management. So, the SAF Foundation, in addition to improving football in the country, will avoid these abuses that occur throughout Brazil due to the lack of professionalism in Brazilian football,” said Pacheco.

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Social Phono

The Senate President also mentions the social function of the proposal, which provides for the possibility for each Public Football Association to create a program of educational and social development, called PDE, to strengthen measures in favor of the public education institution. Education and sports.

The SAF that joins the program must invest in the renovation, construction or maintenance of the football field or stadium, feed the students during recreation and football training periods, as well as train former professional footballers to teach and conduct activities under the agreement.