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SAF Law Reform strengthens governance, investor protection, and clubs’ rights

Áreas Relacionadas:

Capital Markets

On June 3, 2026, Law No. 15,427 (“Law 15,427“) was enacted and published in Brazil’s Official Gazette on June 8, 2026. The law amends Law No. 14,193/2021 (“SAF Law“), the legal framework for Football Corporations (Sociedades Anônimas do Futebol or “SAF”). The amendments seek to improve governance rules, strengthen investor protection, preserve clubs’ rights, and provide clearer discipline for the treatment of historical liabilities. For domestic and foreign investors, investment funds, creditors, and clubs operating or considering operating under the SAF model, the new law introduces immediate implications for corporate structures, transparency obligations, and debt settlement mechanisms.

Our team has summarized the main changes introduced by Law 15,427.
Click here to read the full material: VR_SAF Law Reform

Authors

Roberto Vianna do R. Barros

Partner

São Paulo

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