Almost five years after SAFs arrived at Brazil's major clubs, these corporations are entering a more difficult phase of their existence. After a period marked by financial investments, high-impact signings, and promises of professionalization, the current moment reveals the challenges that arise when investors begin to weaken their position. This phase, which does not appear in the sales prospectuses, is precisely when it is verified whether the club truly built a lasting institution or merely changed the person occupying the command seat.
Botafogo is presented as the most recent and perhaps most emblematic case of this situation, although rival Vasco is also mentioned as another significant example. In 2022, the member-owned club sold 90% of its football operations to American businessman John Textor, with the promise of injecting financial resources and complete professionalization of a structure that for decades was run through elections, internal alliances, and personal relationships among members.
The article suggests that the clash between the club's traditional management and the methods brought by the new investor reached its peak, generating tensions that highlight the difficulties of the transition. The sale to Textor represented a radical change in how Botafogo was administered, abandoning the governance model based on member participation in favor of a more corporate and centralized structure.
The text concludes by indicating that it is precisely in this moment of investor weakening that it is revealed whether the promise of professionalization was fulfilled or if the club remains vulnerable to the same dynamics that have always accompanied it. The "What Game Is This" newsletter is written by Thales Machado, editor of Behind-the-Scenes Sports at O Globo newspaper.
