Sociedade Anônima do Futebol (SAF): uma análise econômico-financeira dos clubes-empresas no Brasil

Abstract

While football is a sport driven by passion, football clubs need large investments to attain major titles. When considering financial resources, it becomes evident that in Brazil and globally, there exists a wealth gap among clubs, with some possessing higher purchasing power than others. Consequently, many institutions have resorted to seeking external investments in order to achieve greater autonomy and establish fairness in the football world. This led to the emergence of the Anonymous Football Society (SAF), which serves as a model that allows clubs to transition into business companies and, therefore, receive more income. Between 2019 and 2023, six clubs in the top division of the Brazilian Championship, opted to become club-companies, prompting this study to investigate the financial factors behind their decision. In addition, this research also encompasses an examination of the SAF model and its short-term consequences. Thus, an exploratory investigation was conducted to identify potential motivations for football clubs to adopt the SAF model. The primary finding suggests that clubs see the SAF model as an opportunity to improve their financial health. As a symptom to that, they often face budget deficits, which in turn make it challenging for them to assemble a competitive team capable ofcompeting for titles.