{"id":4962,"date":"2024-11-12T14:38:48","date_gmt":"2024-11-12T17:38:48","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/panorama-atual-do-mercado-de-safs-no-brasil\/"},"modified":"2026-09-29T15:14:00","modified_gmt":"2026-09-29T18:14:00","slug":"panorama-atual-do-mercado-de-safs-no-brasil","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/panorama-atual-do-mercado-de-safs-no-brasil\/","title":{"rendered":"Current overview of the SAFs market in Brazil"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A SAF (Sociedade An\u00f4nima do Futebol) \u00e9 um modelo empresarial que vem ganhando destaque no futebol brasileiro, criado para modernizar a gest\u00e3o dos clubes e atrair investimentos que fortale\u00e7am suas opera\u00e7\u00f5es. Esse modelo permite que clubes, antes organizados como associa\u00e7\u00f5es, passem a funcionar como empresas, abrindo parte de seu capital a investidores estrat\u00e9gicos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">O principal objetivo da SAF \u00e9 impulsionar a profissionaliza\u00e7\u00e3o do futebol brasileiro, promovendo uma gest\u00e3o mais eficiente e sustent\u00e1vel. A SAF facilita o aporte de capital, permitindo a reestrutura\u00e7\u00e3o financeira e o aumento da competitividade, tanto no cen\u00e1rio nacional quanto internacional.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Desde sua implementa\u00e7\u00e3o, diversas transa\u00e7\u00f5es envolvendo SAFs t\u00eam se destacado, com investidores nacionais e internacionais adquirindo participa\u00e7\u00f5es em clubes como Botafogo, Cruzeiro e Vasco. Esses investimentos j\u00e1 somam mais de R$ 4 bilh\u00f5es, mostrando a relev\u00e2ncia desse modelo para o futuro do futebol.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na p\u00edlula de hoje, apresentamos os casos de sucesso e as principais transa\u00e7\u00f5es de SAF, mostrando como esse modelo est\u00e1 moldando o novo cen\u00e1rio do futebol no Brasil.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 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*\/\n.pil-list{margin:0;padding-left:18px;font-size:14px;line-height:1.6}\n.pil-list li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>SAF<sup>(1)<\/sup> \u00e9 um modelo que transforma clubes de futebol em empresas, com o objetivo de atrair capital e profissionalizar a gest\u00e3o<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>Sociedade An\u00f4nima de Futebol<\/span><\/div>\n      <p class=\"pil-p\">A Sociedade An\u00f4nima do Futebol (SAF) foi criada em agosto de 2021 pela Lei 14.193, se baseando em modelos de clube-empresa europeus, com os seguintes objetivos:<\/p>\n      <div style=\"display:grid;gap:10px\">\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:44px 1fr;gap:12px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-ic-gestao.png\" alt=\"\u00cdcone de gr\u00e1fico com setas para cima\" loading=\"lazy\"><span><b style=\"color:var(--blue)\">Profissionalizar a gest\u00e3o<\/b><br>Separar o futebol da gest\u00e3o social, criando uma estrutura mais transparente e eficiente<\/span><\/div>\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:44px 1fr;gap:12px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-ic-investidores.png\" alt=\"\u00cdcone de saco de dinheiro\" loading=\"lazy\"><span><b style=\"color:var(--blue)\">Atrair Investidores<\/b><br>Facilitar a entrada de capital privado atrav\u00e9s da venda de a\u00e7\u00f5es da SAF<\/span><\/div>\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:44px 1fr;gap:12px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-ic-dividas.png\" alt=\"\u00cdcone de aperto de m\u00e3os\" loading=\"lazy\"><span><b style=\"color:var(--blue)\">Reestruturar d\u00edvidas<\/b><br>Oferecer um caminho para que clubes endividados possam renegociar passivos e se tornar financeiramente sustent\u00e1veis<\/span><\/div>\n      <\/div>\n      <div class=\"pil-box\" style=\"margin-top:18px\">\n        <h3>Caso de Sucesso \u2013 Botafogo (SAF desde Mar 2022)<\/h3>\n        <div style=\"display:grid;grid-template-columns:64px 1fr 1fr;gap:14px;align-items:center;padding:12px 14px\">\n          <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-botafogo-escudo.png\" alt=\"Escudo do Botafogo\" loading=\"lazy\">\n          <div><p class=\"pil-p\" style=\"margin:0 0 4px;font-weight:700;color:#888\">Mar\/2022<\/p><ul class=\"pil-list\" style=\"font-size:13px\"><li>Receita ~ R$ 120 Mi<\/li><li>D\u00edvidas ~ R$ 1 Bi<\/li><li>2021 \u2013 S\u00e9rie B<\/li><\/ul><\/div>\n          <div><p class=\"pil-p\" style=\"margin:0 0 4px;font-weight:700;color:#888\">Dez\/2023<\/p><ul class=\"pil-list\" style=\"font-size:13px\"><li>Receita ~ R$ 530 Mi<\/li><li>D\u00edvidas ~ R$ 550 Mi<\/li><li>2024 \u2013 S\u00e9ria A (Atual 1\u00b0)<\/li><\/ul><\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n    <div class=\"pil-tw\">\n      <table class=\"pil-table\">\n        <thead><tr><th><\/th><th>Antes da SAF (Modelo Associativo)<\/th><th>Depois da SAF (Modelo Empresarial)<\/th><\/tr><\/thead>\n        <tbody>\n          <tr><td><b>Estrutura Legal<\/b><\/td><td>Associa\u00e7\u00e3o sem fins lucrativos<\/td><td>Sociedade An\u00f4nima com fins lucrativos<\/td><\/tr>\n          <tr><td><b>Governan\u00e7a e Gest\u00e3o<\/b><\/td><td>Decis\u00f5es por conselhos e associados<\/td><td>Gest\u00e3o profissionalizada; diretoria executiva<\/td><\/tr>\n          <tr><td><b>Investimentos<\/b><\/td><td>Limitado a doa\u00e7\u00f5es e patroc\u00ednios<\/td><td>Acesso a capital privado via venda de a\u00e7\u00f5es e investidores externos<\/td><\/tr>\n          <tr><td><b>D\u00edvidas e Passivos<\/b><\/td><td>D\u00edvidas elevadas, dificuldade em renegociar e reestruturar passivos<\/td><td>Possibilidade de reestrutura\u00e7\u00e3o facilitada atrav\u00e9s de acordos<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Source: Exame, ESPN. (1) SAF significa Sociedade An\u00f4nima do Futebol<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Embora recente no Brasil, o modelo de clube-empresa j\u00e1 \u00e9 consolidado na Europa e tem sido fundamental para o sucesso de grandes clubes<\/h2>\n  <div class=\"pil-grid2 wide-right\">\n    <div>\n      <div class=\"pil-sub\"><span>Panorama Nacional<\/span><\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-mapa.png\" alt=\"Mapa do Brasil destacando os estados de clubes que viraram SAF, com os escudos de Fortaleza, Bahia, Cruzeiro, Atl\u00e9tico Mineiro, Vasco, Botafogo e Cuiab\u00e1\" loading=\"lazy\">\n      <div class=\"pil-card tint\" style=\"text-align:center;font-size:16px;margin-top:14px\"><span>Dentre os <b>10 primeiros colocados<\/b> na <b>1\u00aa divis\u00e3o<\/b> do Campeonato Brasileiro, <b>6 s\u00e3o SAFs<\/b><\/span><\/div>\n      <div class=\"pil-grid2\" style=\"gap:12px;margin-top:12px\">\n        <div class=\"pil-card tint pil-stat\" style=\"padding:12px\"><strong style=\"font-size:28px;color:var(--navy)\">+ R$ 4 Bi<\/strong><b>investidos em SAFs, desde 2021<\/b><\/div>\n        <div class=\"pil-card tint pil-stat\" style=\"padding:12px\"><strong style=\"font-size:28px;color:var(--navy)\">58 SAFs<\/strong><b>Registradas at\u00e9 o final de 2023<\/b><\/div>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Panorama Internacional<\/span><\/div>\n      <p class=\"pil-p\">Desde 1996, pouco depois do surgimento dos clubes-empresa na Europa, as Top 5 Ligas cresceram em m\u00e9dia 5,7x<\/p>\n      <div class=\"pil-tw\">\n        <table class=\"pil-table\">\n          <thead><tr><th><\/th>\n            <th style=\"background:#fff\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-bundesliga.png\" alt=\"Bundesliga (Alemanha)\" loading=\"lazy\" style=\"width:54px;margin:0 auto\"><\/th>\n            <th style=\"background:#fff\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-seriea.png\" alt=\"Serie A (It\u00e1lia)\" loading=\"lazy\" style=\"width:54px;margin:0 auto\"><\/th>\n            <th style=\"background:#fff\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-laliga.png\" alt=\"LaLiga (Espanha)\" loading=\"lazy\" style=\"width:54px;margin:0 auto\"><\/th>\n            <th style=\"background:#fff\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-premier.png\" alt=\"Premier League (Inglaterra)\" loading=\"lazy\" style=\"width:54px;margin:0 auto\"><\/th>\n            <th style=\"background:#fff\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-ligue1.png\" alt=\"Ligue 1 (Fran\u00e7a)\" loading=\"lazy\" style=\"width:54px;margin:0 auto\"><\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td><b>Receita 1996\/97<\/b><\/td><td class=\"n\">\u20ac 444 Mi<\/td><td class=\"n\">\u20ac 551 Mi<\/td><td class=\"n\">\u20ac 524 Mi<\/td><td class=\"n\">\u20ac 685 Mi<\/td><td class=\"n\">\u20ac 293 Mi<\/td><\/tr>\n            <tr><td><b>Receita 2018\/19<\/b><\/td><td class=\"n\">\u20ac 3,3 Bi<\/td><td class=\"n\">\u20ac 2,5 Bi<\/td><td class=\"n\">\u20ac 3,4 Bi<\/td><td class=\"n\">\u20ac 5,8 Bi<\/td><td class=\"n\">\u20ac 1,9 Bi<\/td><\/tr>\n            <tr><td><b>Crescimento<\/b><\/td><td class=\"n\">x 6,4<\/td><td class=\"n\">x 3,5<\/td><td class=\"n\">x 5,5<\/td><td class=\"n\">x 7,5<\/td><td class=\"n\">x 5,5<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n      <div style=\"display:flex;justify-content:space-between;align-items:center;margin-top:20px;gap:10px;flex-wrap:wrap\"><span class=\"pil-unit\">% Clubes nas Top 2 Ligas de cada pa\u00eds<\/span><span class=\"pil-legend\"><span><i style=\"background:var(--blue)\"><\/i><span>Associa\u00e7\u00e3o<\/span><\/span><span><i style=\"background:var(--light)\"><\/i><span>Empresa<\/span><\/span><\/span><\/div>\n      <div class=\"pil-bars\" style=\"height:180px;padding-top:6px\" role=\"img\" aria-label=\"Percentual de clubes nas duas principais ligas de cada pa\u00eds, associa\u00e7\u00e3o \/ empresa: Alemanha 14% \/ 86%; It\u00e1lia 0% \/ 100%; Espanha 10% \/ 90%; Inglaterra 0% \/ 100%; Fran\u00e7a 0% \/ 100%\">\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none\"><div style=\"height:86%;background:var(--light);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>86%<\/span><\/div><div style=\"height:14%;background:var(--blue);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>14%<\/span><\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none\"><div style=\"height:100%;background:var(--light);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>100%<\/span><\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none\"><div style=\"height:90%;background:var(--light);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>90%<\/span><\/div><div style=\"height:10%;background:var(--blue);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>10%<\/span><\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none\"><div style=\"height:100%;background:var(--light);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>100%<\/span><\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none\"><div style=\"height:100%;background:var(--light);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>100%<\/span><\/div><\/div>\n      <\/div>\n      <div class=\"pil-years\"><span>Alemanha<\/span><span>It\u00e1lia<\/span><span>Espanha<\/span><span>Inglaterra<\/span><span>Fran\u00e7a<\/span><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: EY, ESPN, An\u00e1lise \u00c1rtica.<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Principais transa\u00e7\u00f5es no Brasil e no mundo<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>Principais transa\u00e7\u00f5es no futebol brasileiro<\/span><\/div>\n      <div class=\"pil-tw\">\n        <table class=\"pil-table\">\n          <thead><tr><th>Clube<\/th><th>Comprador<\/th><th>Data da Transa\u00e7\u00e3o<\/th><th class=\"n\">% adquirido<\/th><th class=\"n\">Valor<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-atletico.png\" alt=\"Atl\u00e9tico Mineiro\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Galo Holding<\/td><td>Nov\/2023<\/td><td class=\"n\">75%<\/td><td class=\"n\">R$ 600 Mi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-coritiba.png\" alt=\"Coritiba\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Treecorp Inv.<\/td><td>Jun\/2023<\/td><td class=\"n\">90%<\/td><td class=\"n\">R$ 1,1 Bi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-vasco.png\" alt=\"Vasco da Gama\" loading=\"lazy\" style=\"width:40px\"><\/td><td>777 Partners<\/td><td>Nov\/2023<\/td><td class=\"n\">70%<\/td><td class=\"n\">R$ 700 Mi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-bahia.png\" alt=\"Bahia\" loading=\"lazy\" style=\"width:40px\"><\/td><td>City Group<\/td><td>Mai\/2023<\/td><td class=\"n\">90%<\/td><td class=\"n\">R$ 1 Bi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-cruzeiro.png\" alt=\"Cruzeiro\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Ronaldo Naz\u00e1rio<\/td><td>Abr\/2022<\/td><td class=\"n\">90%<\/td><td class=\"n\">R$ 400 Mi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-botafogo.png\" alt=\"Botafogo\" loading=\"lazy\" style=\"width:40px\"><\/td><td>John Textor<\/td><td>Mar\/2022<\/td><td class=\"n\">90%<\/td><td class=\"n\">R$ 700 Mi<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Principais transa\u00e7\u00f5es no futebol mundial<\/span><\/div>\n      <div class=\"pil-tw\">\n        <table class=\"pil-table\">\n          <thead><tr><th>Clube<\/th><th>Comprador<\/th><th>Data da Transa\u00e7\u00e3o<\/th><th class=\"n\">% adquirido<\/th><th class=\"n\">Valor<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-chelsea.png\" alt=\"Chelsea\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Todd Boehly-led consortium<\/td><td>2022<\/td><td class=\"n\">100%<\/td><td class=\"n\">\u20ac 2,99 Bi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-manutd.png\" alt=\"Manchester United\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Glazer family<\/td><td>2005<\/td><td class=\"n\">100%<\/td><td class=\"n\">\u20ac 790 Mi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-psg.png\" alt=\"Paris Saint-Germain\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Qatar Sports Investments<\/td><td>2011<\/td><td class=\"n\">100%<\/td><td class=\"n\">\u20ac 70 Mi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-milan.png\" alt=\"AC Milan\" loading=\"lazy\" style=\"width:40px\"><\/td><td>RedBird Capital Partners<\/td><td>2022<\/td><td class=\"n\">100%<\/td><td class=\"n\">\u20ac 1,2 Bi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-newcastle.png\" alt=\"Newcastle United\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Public Investment Fund<\/td><td>2021<\/td><td class=\"n\">100%<\/td><td class=\"n\">\u20ac 350 Mi<\/td><\/tr>\n            <tr><td><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/4962-mancity.png\" alt=\"Manchester City\" loading=\"lazy\" style=\"width:40px\"><\/td><td>Abu Dhabi United Group<\/td><td>2008<\/td><td class=\"n\">100%<\/td><td class=\"n\">\u20ac 250 Mi<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: Exame; Lance; An\u00e1lise \u00c1rtica.<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>The SAF (Sociedade An\u00f4nima do Futebol) is a business model that has been gaining prominence in Brazilian football, created to modernize club management and attract investment to strengthen their operations. This model allows clubs, previously organized as associations, to operate as companies, opening up part of their capital to strategic investors.<\/p>","protected":false},"author":1,"featured_media":4958,"template":"","meta":[],"class_list":["post-4962","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/4962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/4958"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=4962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}