SAF 100% of the club: yes, it is possible — and some are already doing it.
Almost every week someone appears asking: “Can a club own its own SAF? Doesn’t it need to sell to an external investor?”
Yes, it’s possible. And it’s totally legal.
Chapecoense, Fortaleza and Avaí have already adopted exactly this model.
The club becomes the sole shareholder (or absolute majority controller), maintains 100% control over sporting and administrative decisions and enjoys the main benefits of the SAF Law — without handing football over to third parties.
Simply call and approve the meeting of members (with the quorum required by law and the club’s statutes) and follow the procedure set out in Law 14,193/2021.
No external investor is required to set up the SAF.
The club may be the only partner in the football limited liability company.
But be careful: the model requires serious governance.
In a SAF 100% controlled by the club, success (or failure) largely depends on two pillars:
- A truly independent and active Fiscal Council (mandatory by law);
- constant demands from fans and members so that SAF does not become a “black box”.
The SAF Law itself brought much stricter inspection mechanisms than traditional associations:
- Board of directors;
- fiscal council not linked to the executive board;
- mandatory external audits;
- quarterly reporting;
- supervision of the CBF, the Judiciary and the Public Ministry.
In other words: the model significantly improves governance compared to the old civil association format.
But it does not eliminate the risk of mismanagement. This continues to depend on the people in charge.
“My club will never become SAF.”
This phrase is heard a lot today — especially among fans of big, financially healthy clubs.
Research carried out last year shows that Flamengo and Palmeiras lead both the board and fans’ rejection of the SAF model.
The most common arguments are:
- Fear of losing the club’s identity and “soul”;
- internal political resistance (power groups that would lose influence);
- and bad examples of SAFs that went wrong or generated distrust.
Even so, it’s worth remembering: rejection is not unanimous and it’s not eternal either.
Clubs that today say “never” could very well change their minds in 3 or 5 years if the financial situation gets too tight.
For now, the associative club is still the comfort zone of most traditional players — especially those who are winning titles or keeping their accounts in the black.
In the end…
SAF is not magic.
She’s not a villain either.
It’s just a legal and financial tool.
It all depends on how it is used, who is in charge and how much the members and fans are willing to monitor.
And you, what do you think of all this?
*This text does not necessarily reflect the opinion of Jovem Pan.
