Transformação em sociedade anônima de futebol: uma análise das demonstrações contábeis pré e pós-conversão

Abstract

This article to investigate the changes brought about by the transformation of Brazilian football clubs into Football Joint-Stock Companies (SAF), analyzing shifts in economic-financial indicators before and after the adoption of this model. Football, which began as a cultural activity, has evolved into a billion-dollar industry. However, many clubs face financial crises due to poor management and mounting debt. The enactment of Law No. 14.193/2021, which established SAFs, emerged as an alternative to professionalize management and attract investments. Yet, there remains limited research on the actual effects of this transformation. Through a descriptive study, this work seeks to address this gap by examining the financial statements of seven clubs that became SAFs between 2019 and 2023, focusing on liquidity, indebtedness, and profitability indicators. The results demonstrate that the conversion to SAFs led to significant improvements in clubs' liquidity, reflecting a greater capacity to meet both short- and long-term obligations. Additionally, the ratio of third-party capital to total resources showed positive trends, evidenced by debt amortization and infrastructure investments. However, indicators such as debt composition and return on assets did not exhibit statistically significant changes, suggesting that some clubs continue to face financial challenges. The study concludes that while SAFs provide a more solid foundation for financial management, long term sustainability depends on effective governance practices and strategic planning.