São Paulo seeks to pick up the pieces after being eliminated by LDU in the Libertadores. With a large debt to pay behind the scenes, Tricolor, through Julio Casares’ management, is looking for investors in the market to help the team.
According to reporter Gabriel Sá, businessman Diego Fernandes, known for mediating the signing of Carlo Ancelotti for the Seleção, appears as a possible investor. CNN confirmed that there is approval from a Brazilian bank to make the contribution.
But how is this situation in São Paulo? What is the executive’s fortune? THE Sporting News show.
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On 09/28, I reported exclusively about Diego Fernandes’ interest in attracting investors and drawing up an investment plan or purchase of São Paulo. Today, CNN Brasil confirms the information and says that he already has endorsement from a Brazilian bank.
The central obstacle… https://t.co/aiXCLCZLkL pic.twitter.com/tOnTuKUX0U
— Gabriel Sá (@OGObrielSa October 7, 2025
What is São Paulo’s current debt?
São Paulo’s current debt is around R$1 billion. According to information from ESPN, from 2023 to 2024, the club’s debt grew by 45%, jumping from R$666.7 million to R$968.2 million.
São Paulo seeks to pick up the pieces after being eliminated by LDU in the Libertadores. With a large debt to pay behind the scenes, Tricolor, through Julio Casares’ management, is looking for investors in the market to help the team.
Diego Fernandes at São Paulo?
Diego Fernandes appears as a viable name to join the São Paulo project. He has experience in structuring financial operations, contacts in football and a willingness to approach big clubs, which could make him a strategic partner in initiatives such as the youth fund or other forms of partial investment.
Diego is from São Paulo and is studying bringing together investors to take over São Paulo, in addition to talking to businesspeople in the financial market in Brazil and abroad about the topic, according to Gabriel Sá.
However, according to the reporter, the main current obstacle to investing in São Paulo would be the club’s politics.
— The current management prioritizes conversations with Galápagos Capital. The entry of the group brought together by Diego would be “market competition” — he wrote.
Diego recently became known for brokering the signing of Carlo Ancelotti for the Brazilian National Team, an operation that earned him a commission of around €1.2 million (approximately R$7.6 million). Before that, he had already been involved in projects that sought to combine investments and football, such as “Panela FC”, which intended to sell player shares, but ended up suspended by the CVM due to irregularities. Fernandes works in the foreign exchange, advisory and services sector for athletes.
Diego Fernandes, a businessman who is from São Paulo and was responsible for intermediating Carlo Ancelotti’s arrival to the Brazilian team, is studying gathering investors to take over São Paulo.
Diego is the founder of O8 Partners and has already spoken to businesspeople from Brazil and abroad about… pic.twitter.com/p81oUi9ev7
— We are São Paulinos (@somosaopaulinos) September 28, 2025
Who is Diego Fernandes?
Diego Fernandes has experience in the financial market, working at the former São Paulo Stock Exchange (Bovespa), and currently holds the position of CEO of 08 Partners — a company that works as a banking correspondent. Despite his involvement in relevant sectors, he maintains a reserved and discreet profile, with little public information available about his professional career. He does not have well-known profiles on networks such as LinkedIn or the academic platform Lattes.
Behind the scenes, however, Fernandes is a constant presence in the hotels where the Brazilian team usually stays during FIFA Dates. Furthermore, he is known for being a great admirer of Formula 1.
Although he has no formal connection with sporting entities, the businessman is closely associated with influential names in football, including Brazilian managers and players. In 2014, he created the Panela FC project, which sought to allow fans to acquire shares of players’ economic rights, similar to the functioning of the stock market. The project, however, did not come to fruition.
During the negotiations involving coach Carlo Ancelotti, Fernandes counted on the collaboration of Spaniard Álvaro Costa — who has a good circulation in the football world, partly due to his experience as a former Nike employee, and also because of his family connection: he is the son of Pepe Costa, a well-known figure in Catalonia as he is considered a kind of “second father” of Lionel Messi.
What is Diego Fernandes’ fortune?
Regarding his fortune, there are no official figures on his total assets, but it is possible to say that he operates with high figures and has investment power, even if he is not considered a billionaire capable of, alone, taking control of a club the size of São Paulo.
However, the chance of participation exists, especially as Tricolor is going through a time when it is looking for alternatives to balance its accounts and raise funds.
Thus, the possibility of Diego Fernandes investing in São Paulo is real, but in specific ways: partnerships, participation in funds and basic projects or even intermediation and financial management agreements. The weight of a more robust individual contribution would depend on alliances with other investors and a clear governance model at the club.
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