SAFiel presents project and discusses SAF proposal with president of the Corinthians Deliberative Council
- By Henrique Pereira / Central do Timão Editorial
SAFiel, a group that defends the implementation of a Football Corporation at Corinthians, held a meeting this Thursday with Leonardo Pantaleão, acting president of the club's Deliberative Council. The meeting focused on the detailed presentation of the proposal filed by the initiative with Timão at the beginning of June.
According to SAFiel itself, the conversation was used to clarify points of the project, discuss possible adjustments and start planning a future presentation of the proposal to the other members of the Deliberative Council. The group's intention is to expand the internal debate on the viability of the suggested model for black and white football.
Photo: Disclosure/SAFiel
The document delivered to Corinthians foresees an initial fundraising of R$2.5 billion, an amount that could reach R$3 billion if investor demand exceeds established expectations. The allocation of resources includes reducing the football department's debt, reinforcing sports investments, structural improvements, expanding governance mechanisms and supporting the social club.
Under the format presented, all assets and obligations linked to professional football would be transferred to the new company. This would include commercial contracts, broadcast revenues, economic and federative rights of athletes, brands related to the department and other financial commitments linked to the sport.
The management of these assets would occur independently of the other areas of Parque São Jorge. Even so, the associative club would maintain participation in the corporate structure of the future SAF and would remain connected to the project through different institutional mechanisms.
Among the expected counterparts, Corinthians would receive royalties estimated at R$600 million over a decade for the use of its brand. The plan also includes the expansion of commercial agreements to other sports and the creation of permanent channels of cooperation between the parties.
Another point highlighted in the project is the maintenance of a so-called golden share by the club. This instrument would guarantee special powers in strategic decisions, including the possibility of vetoing certain measures related to the running of the company.
The proposal also provides for a governance structure composed of different control and administration bodies, such as the Board of Directors, Fiscal Council, Cultural Council and Governance Committee.
One of the central aspects defended by SAFiel is the dispersion of the capital of the future company. The group proposes that shares with voting rights be acquired exclusively by Corinthians fans, with contributions starting at R$250 and maximum participation limits per CPF.
Institutional investors could participate only through shares without voting power, if a complement to the fundraising planned for the operation was necessary.
In addition, the text establishes mechanisms aimed at preserving Corinthians' historical identity. Among them are restrictions on changes to elements such as the club's name, badge, colors and official symbols.
A reversibility clause was also included. In practice, it would allow Corinthians to regain control of football in specific scenarios, such as non-compliance with obligations considered essential, serious management failures or mischaracterization of the institutional identity.
For the operation to be effectively completed, the project would still need to go through several formal stages. These include internal approvals from the club's statutory bodies, due diligence carried out by an independent company, regulatory analyzes and a final vote by members at the General Assembly.
As it is a non-binding letter of intent, the document does not oblige either party to complete the deal. Even so, SAFiel requests that the proposal be submitted for analysis by the Corinthians presidency, the Guidance Council and the Deliberative Council before any deliberation by the members.
As determined by the club's current statute, issues related to investments and structural changes depend on the actions of the executive board, currently chaired by Osmar Stabile. Cori has a consultative and supervisory role, analyzing matters when formally forwarded by the competent bodies.
The group also released a preliminary schedule for implementing the project. The forecast includes approximately one year between the eventual acceptance of the proposal and the effective start of SAF operations, including audit phases, asset evaluation, registrations with the Securities and Exchange Commission (CVM), presentations to investors, definition of governance and voting at the General Meeting.
The letter of intent is initially valid for 60 days after signature, and may be extended by consensus between the parties or remain in force until the definitive documents are formalized.
In recent days, SAFiel launched a digital platform aimed at gathering expressions of support from fans for the formal analysis of the proposal. According to figures released by the group, more than 43 thousand fans had already registered by Thursday night, demonstrating interest in the debate on the future management model of Corinthian football.
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Source: Timao Central