The incomplete revolution of SAFs (Sociedades Anônimas de Futebol, or Public Limited Companies): from fan to shareholder, the lesson from Portugal by José Roberto Afonso, Pedro Trengrouse and Sebastian Pereira published by NEOFEED (2/2026).
“The regulatory framework for publicly traded fooball clubs in Brazil today is inspired by Portuguese law. Brazilian football has also become accustomed to importing Portuguese coaches. Now, all that’s missing is what can truly change the game: a financing and governance model that treats the club as a market-driven company…”
