Deliberative Council authorized operation that changes SAF structure and reduces Daniel Vorcaro’s participation
The Deliberative Council of the club approved, on Monday (May 25, 2026), a contribution of R$ 530 million to the club’s Football Anonymous Society. The operation will be used mainly to pay off bank debts and reduce the impact of interest on the Minas Gerais team’s accounts. The decision was taken at a meeting in Belo Horizonte, with just one vote against.
According to the club, around 90% of the amount will be used to pay bank debts. The remainder will be used for investments already made in football.
Atlético-MG’s bank liabilities are around R$654 million. In 2025, the club paid almost R$300 million in interest. SAF’s projection is to reduce this value to approximately R$150 million in 2026.
The operation also changes the shareholding composition of SAF. Rubens Menin and his son, Rafael Menin, form one of the largest business empires in Brazil and are the majority shareholders of Atlético Mineiro’s SAF. They increased participation from 41.8% to 83.5%.
Club Membership fell from 25% to 10%. The share linked to Galo Forte FIP, linked to , in addition to Ricardo Guimarães and Figa, was jointly reduced to 6.5%.
Daniel Vorcaro, owner of Banco Master, had his stake diluted after the contribution. The businessman is removed from the SAF board of directors and is being investigated by the Federal Police. Part of the value of the operation, around R$94 million, had already been advanced through Figa, a fund created for qualified investors linked to the club.
