Souto Correa Advogados has helped Minas Gerais-based football team Atlético Mineiro become the first-ever Brazilian Sociedade Anônima do Futebol (SAF) to make a public debentures issuance. 

The underwriter relied on the same Souto Correa team in the deal, which closed on 27 March.  

The debentures carry an interest based on the Depósitos Interfinanceiros (DI) rate, plus an additional 3.5% and are set to mature in 2027. 

The DI rate, also referred to as the interbank deposit rate, is an interest rate in Brazil traded among financial institutions, enabling banks to manage their cash flow by securing additional funds when they have excess reserves. On the closing date of the deal, the DI rate stood at 13.15%. 

Atlético Mineiro will use the proceeds – worth 60 million reais (US$10 million) – to repay existing debt. While this is the first public debentures offering by a SAF, there have been other issuances relating to SAFs before. In 2023, Tara Sports, the holding company owned by Brazilian football player Ronaldo that holds a majority stake in Belo Horizonte football club Cruzeiro, issued convertible debentures as part of a deal with local entrepreneur Pedro Lourenço to raise funds for the club. Lourenço may convert those debentures into company shares.  

SAFs are a vehicle through which Brazilian football clubs can restructure from non-profit associations to limited companies to raise funds through capital investments. This model – which was enacted in 2021 – allows clubs to issue securities, attract investments and operate more like private companies. 

Atlético Mineiro officially became a SAF in 2023. Several other Brazilian football clubs became SAFs around that time too. This includes América Futebol Clube, which became the first in the state of Rio Grande do Norte to do so, as well as Coritiba football club.  

Mariana Guenka, a finance partner at Souto Correa explains: “This transaction is significant because it opens up a new financing structure for football clubs, while also encouraging clubs to adopt stronger governance structures – a process that comes with their transformation to SAFs.” She adds: “We believe that similar transactions are likely to follow in the coming months.” 

Founded in 1908, Atlético Mineiro has won the Campeonato Brasileiro Aéria A twice and the Copa do Brasil twice. The club’s home stadium is the Arena MRV in Belo Horizonte which has a capacity of 46,000.  

Counsel to Atlético Mineiro and Ativa Investimentos Corretora de Títulos, Cambio e Valores 

Souto Correa Advogados 

Partners Mariana Guenka and Tiago Gomes, and associates Conrado Davoli and Amanda Lourenço Alves