Reports · Sector

Brazilian football clubs: potential to attract investment through the SAF model

Brazilian football enters 2027 with fewer revenue sources and more regulatory pressure. The ban on sports betting, the end of the Financial Sustainability System (SSF) transition on November 30, 2026 and the new tax asymmetry created by the tax reform (LC 214/2025) make equity through the SAF (Sociedade Anônima do Futebol, Brazil's football corporation model) the main source of financing for clubs. This is the summary of Elit Capital's sector report; the full version, with the SAF potential ranking, profiles of 12 clubs and transaction cases, is available in PDF at the end of this page.

R$ 14.9 bn

Série A revenue in 2025

+33% YoY nominal

117

clubs registered as SAFs

through Dec 2025

R$ 1.14 bn

betting sponsorship at risk

7.9% of Série A revenue

1.5x

median SAF EV/Revenue

~45% discount vs. European second tier

What changed in 2026

  • Betting is out. Provisional Measure (MP) 1,394/2026 banned fixed-odds betting. In 2025, betting companies paid R$ 1.14 billion in sponsorship and were main sponsors of 14 of the 20 Série A 2026 clubs.
  • The SSF enters its sanctions phase. The transition for pre-2026 debts ends on November 30, 2026. After that, late payment triggers transfer bans, point deductions and, in extreme cases, license revocation.
  • A new tax asymmetry. From January 1, 2027, civil associations pay 11.4% to 15.5% of gross revenue, against about 6% for SAFs: the largest incentive to convert since Law 14,193/2021.
  • Approval is not closing. A 2/3 quorum not reached, investors without proven funds and a single offer on the table: the bottleneck has moved from investor interest to the quality of the process.

SAF potential ranking — November 2026 review

#Club2026 divisionStatus in November 2026
1JuventudeSérie BSecond in Série B; the only club with a public Convocados Rating (A)
2Vila NovaSérie B3rd place, playoff secured and a chance of direct promotion
3GoiásSérie BPresident resigned; election scheduled for December
4GuaraniSérie CSAF incorporated; new offer for 90% under review
5Atlético-GOSérie BPromotion playoff zone; decisions concentrated in the president
6CuiabáSérie BAlready an SAF; entry through purchase of a stake
7Botafogo-PBSérie CSAF for sale; an investor group is negotiating control
8Ponte PretaSérie B → CRelegated; the members' vote on the SAF fell 22 votes short
9LondrinaSérie BAlready an SAF, with professional management
10FigueirenseSérie CInvestor under ultimatum; R$ 580 million SAF at risk
11CaxiasSérie CNo SAF or rating; regional visibility
—AvaíSérie BSale of 90% to Kactus Capital approved; closing pending
Positions subject to the final Série B round (Nov 14) and playoffs.

Brazil versus the global market

Brazilian SAFs were traded at a median EV/Revenue of 1.5x, against 2.75x for European second-tier clubs. Between 60% and 70% of this discount reflects Brazil's higher cost of capital (a 14.5% WACC against 8.5%); the rest comes from governance, revenue concentration in TV rights and the lack of an audited track record. In the report's discounted cash flow model, WACC convergence to 11–12% would raise the value of an average Série A club from R$ 411 million to R$ 530–580 million.

What this means for clubs and investors

The 2026–2028 window favors those who come to the table already as an SAF, with liabilities addressed and governance in place. For investors, the report separates three theses: turnarounds of strong brands in crisis, organic growth in regional markets and secondary purchases of stakes in established SAFs. The Botafogo, Vasco/777 and Avaí cases show that contractual protections such as escrow, conditions precedent and solvency covenants determine how much of the announced value is actually captured.

In the full report

  • The global sports and entertainment market and sports M&A (2020–2026).
  • Valuation multiples by segment and patterns in European club transactions.
  • Financial structure and recurring revenue of Série A clubs.
  • Regulatory framework: Law 14,193/2021, SSF/ANRESF and the tax reform.
  • SAF potential ranking and detailed profiles of 12 clubs.
  • The Botafogo SAF, Vasco/777 Partners and Avaí/Kactus Capital cases.
  • Structured debt in Brazilian football and discounted cash flow valuation, with sensitivity analysis.

Data as of November 8, 2026. Sources: Convocados Report 2026, CBF/ANRESF, LC 214/2025, MP 1,394/2026, KPMG Football Benchmark, Deloitte, Pitchbook, Bloomberg, specialized press and Elit Capital analysis. Material prepared exclusively for information and market analysis purposes; it does not constitute an investment recommendation, an offer to buy or sell securities, or financial, legal or tax advice.

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