Brazil

Ownership and regulation

Brazilian clubs have historically operated as non-profit associations (associacao sem fins lucrativos). A 2022 law (Lei da SAF) created a framework for clubs to convert their football operations into SAF (Sociedade Anonima do Futebol), a football-specific corporate entity that can have private shareholders.

No restrictions on foreign ownership under the SAF law. Since 2022, several major Brazilian clubs have attracted foreign investment through SAF conversions, including Botafogo (John Textor), Cruzeiro (Ronaldo), and Vasco da Gama.

Governing body: Confederacao Brasileira de Futebol (CBF)

Tax and legal structure

Brazilian federal corporation tax (IRPJ) at 15% plus social contributions (CSLL) at 9%. SAF entities benefit from a simplified 5-year tax regime with reduced rates. The real introduces currency risk for foreign investors.

Valuations

Serie A: £20M-£300M. Serie B: £5M-£50M.

Recent deals

Botafogo was acquired by John Textor's Eagle Football via SAF conversion (2022). Cruzeiro was acquired by Ronaldo Nazario (2022, later sold to Pedro Lourenco). Bahia was acquired by City Football Group (2023). Vasco da Gama had a contested SAF deal with 777 Partners.

Entry points

SAF conversions are the primary entry route. Serie B and smaller Serie A clubs are accessible at £5M-£50M. Brazil's status as the world's largest football talent producer makes every club a potential player development platform.

Our view

Brazil is the most important talent market in world football. The SAF law created a legal framework for investment that did not exist before 2022, and capital has flowed in rapidly. The risks are real: currency volatility, complex legal structures, fan pressure that can destabilise operations, and a history of club mismanagement that the SAF structure is trying to address. The Vasco/777 Partners dispute illustrates how SAF deals can go wrong. But the talent pipeline is unmatched, the domestic market is 215M people, and the clubs that get the SAF transition right will generate significant value through player development and export.

For comparison, see our guides to England, Spain, and Italy.

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