Billion-dollar fundraising, golden share and Arena debt: the details of SAFiel's new proposal to Corinthians

By Larissa Beppler | Central do Timão newsroom

SAFiel, a project that proposes the transformation of Corinthians football into a Football Limited Society (SAF) controlled and financed by the fans themselves, presented its second Non-Binding Offer to the club's board of directors on June 2nd. The document was forwarded to president Osmar Stabile, with copies to the acting president of the Deliberative Council Leonardo Pantaleão and the president of the Guidance Council (CORI) Miguel Marques e Silva.

In the proposal, Invasão Fiel S.A., the company that created the project, argues that Corinthians' financial and institutional framework requires priority and immediate assessment of the matter by the club's competent bodies. The document emphasizes that Timão's total debt already exceeds R$2.8 billion and is structural and growing, consuming approximately 40% of annual recurring revenue just through interest payments.

Photo: Reproduction

Those responsible for the project claim that the debt grows by approximately R$1.2 million per day, which makes each delay in considering the proposal a financial loss for the club. SAFiel also cites the deficient results recorded by the club in the first quarter of 2026, the recurring anticipation of future revenues to cover cash needs and the combination between payroll and debt service, which, according to the document, absorbs practically all of Corinthians' operating revenue.

Among the factors highlighted as justification for the urgency of the analysis are also Neo Química Arena's debt with Caixa Econômica Federal, the risks of salary delays, the frequent need to sell athletes to generate cash, the recent FIFA transfer bans, the gradual increase in the rates of the Centralized Execution Regime (RCE), obligations arising from tax agreements, impacts of the Tax Reform, restrictions on obtaining tax incentives, financial fair play requirements and the risk of judicial intervention motivated by questions related to the club's governance.

The proposal also considers that a possible judicial recovery would be insufficient to resolve Corinthians financial crisis, especially as it does not cover a relevant part of the liabilities, including guaranteed obligations and the debt with Caixa. The project's authors also state that the adoption of a SAF model with dispersed capital would be able to preserve the club's popular identity and avoid the concentration of control in a single investor or economic group.

Structure of the operation foresees raising between R$2.5 billion and R$3 billion

The proposal envisages the constitution of SAFiel as a joint-stock company responsible for fully absorbing the so-called "Football Perimeter" of Corinthians. Among the assets that would be transferred are economic and federative rights of athletes, sponsorship contracts, licensing, transmission, sporting and administrative infrastructure, brands, databases and liabilities linked to football activity.

The model presented establishes an initial fundraising target of R$2.5 billion, with the possibility of increasing it to up to R$3 billion in case of excess demand from investors.

According to the document, the resources raised will be allocated primarily to the club's financial restructuring, including the payment or renegotiation of football debts, investments in professional squads, youth categories, infrastructure, technology and governance and compliance programs. The proposal also foresees an initial contribution of up to R$50 million for the social club.

In return for the transfer of football to the new company, Corinthians would receive a shareholding in SAF, royalties for the use of the brand and institutional identity - estimated at approximately R$600 million over ten years -, in addition to a fee, a type of remuneration rate for the partnership and structuring of the operation, corresponding to 2% of the amount raised.

The project also establishes a model of popular participation. The common shares with voting rights would be destined exclusively to Corinthians fans, with a minimum expected investment of R$250. Each CPF would have a maximum participation limit of 2% of the voting capital, a mechanism that seeks to prevent the formation of controlling groups and guarantee shareholding dispersion. Institutional investors could enter only through preferred shares without voting rights, if it was necessary to supplement the funding.

Governance provides for golden share and protection of the club's identity

The proposed corporate structure reserves Corinthians the status of founding shareholder of SAF, with a golden share that would guarantee special veto rights on topics considered strategic.

The model also provides for independent councils, governance committees, cultural council and specific mechanisms to prevent changes to the club's historical symbols, such as name, shield, colors, uniform and anthem.

Another highlighted point is the so-called "reversibility clause", which would allow Corinthians to regain control of football in previously defined situations, such as possible lack of financial control, proven reckless management, violation of the club's historical identity or non-compliance with SAF's essential obligations towards the association.

Binding clause provides for early payment of Arena's debt

Although the document is predominantly non-binding in nature, the proposal establishes an important exception in Clause 9, considered mandatory if the letter is signed by the parties.

The item determines that Invasão Fiel undertakes to seek advance resources during the due diligence and audit phase, even before the public fundraising planned to finance the operation takes place.

Among the possibilities envisaged is the settlement of Corinthians' debt with Caixa Econômica Federal relating to the financing of Neo Química Arena. The text states that the advance payment would aim to immediately release revenues currently committed to financing, especially resources linked to the operation of the stadium and football.

The proposal also establishes that, if the SAF operation is not concluded later, the amounts used to pay off Arena's debt would not be treated as a lost contribution. In this context, Invasão Fiel would assume the creditor position of the contract originally maintained with Caixa Econômica Federal, with reimbursement to the investor under conditions to be defined in the future, observing market parameters and conditions similar to those obtained by Corinthians in recent operations.

In addition, the document provides that all costs of the independent audit, to be conducted by a company from the so-called Big Four group, would be fully covered by Invasão Fiel, regardless of the outcome of the negotiations.

According to the schedule presented, the conclusion of the due diligence and independent assessments would take approximately six months. The eventual approval of the SAF by Corinthians members is scheduled for approximately 300 days after the signing of the letter of intent, while the definitive implementation of the structure and the start of operations would occur in approximately one year.

To deepen the details of the new offer and clarify the next steps of the project, Central do Timão interviewed lawyer Eduardo Perez Salusse, one of the creators of SAFiel and legal director of Invasão Fiel. During the conversation, Salusse commented on the fundamentals of the proposal presented to the club, the intended popular fundraising model and the group's expectations regarding the analysis of the project by Corinthians' deliberative bodies. The full interview will be shown this Thursday (11), at 9pm, on TV Central do Timão.

Campaign seeks to pressure club to analyze proposal

In parallel with the presentation of the new proposal, SAFiel began a mobilization with Corinthians fans to defend the formal analysis of the project by the club's competent bodies. Last Tuesday (9), the group launched a digital platform aimed at collecting expressions in favor of evaluating the offer sent to the Corinthians board.

The initiative aims to increase the participation of fans in the debate on the paths for the financial and administrative restructuring of black and white football, in addition to demonstrating to the current management Fiel's interest in discussing alternatives for the club's future.

Through the SAFiel Já! website, Corinthians fans can register support for the opening of discussions on the proposal presented by Invasão Fiel. According to the organizers, the campaign does not seek to approve the project in advance, but to encourage it to be officially analyzed and submitted to the deliberative bodies provided for in Timão's statute.

According to data released by SAFiel itself, more than 40 thousand fans had already joined the initiative by Thursday morning.

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Corinthians News

The post Billionaire fundraising, golden share and Arena debt: the details of SAFiel's new proposal to Corinthians first appeared on Central do Timão.

The content Billionaire fundraising, golden share and Arena debt: the details of SAFiel's new proposal to Corinthians appears first in Central do Timão.

Source: Timao Central