Six SAF Clubs to Compete in 2025 Brasileirão: Market Values Revealed

The 2025 edition of the Brasileirão kicks off this weekend with six teams operating under Brazil’s Football Joint Stock Company model, known as SAF. This structure, which allows clubs to function more like private enterprises with investor backing, now accounts for 30% of the top-tier league. The information was reported by Lance!.

The SAF clubs for this season are Atlético Mineiro, Botafogo, Cruzeiro, Vasco da Gama, Bahia, and Fortaleza. Among them, Fortaleza stands out as the only club to adopt the SAF model without selling a stake to third-party investors. Meanwhile, Vasco finds itself in a legal battle with 777 Partners, the investment group that owns its SAF rights, causing the club's football operations to revert to association control for now.

According to a valuation study by Sportsvalue, a sports marketing consultancy, the market values of these SAFs vary widely. Atlético Mineiro tops the list at R$ 3.387 billion, followed by Botafogo (R$ 1.857 billion), Cruzeiro (R$ 1.472 billion), Vasco da Gama (R$ 1.207 billion), Bahia (R$ 875 million), and Fortaleza (R$ 754 million). These figures reflect current market value, not purchase prices.

It’s worth noting that Red Bull Bragantino, while functioning as a corporate club, does not technically fall under the SAF model. The club was structured as a limited company prior to the SAF law passed in 2021, though a future transition remains possible.

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