www.carlezzo.com.br brazil corporate governance and investments on football clubs eduardo carlezzo
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BrazilCorporate governance
and investments on football clubs
EDUARDO CARLEZZO
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1.Corporate structure of football clubs. Associations x Corporations
2. Consequences in Brazil and South America of the FIFA ban on the
investments on player's economic rights (TPO)
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Corporate structure of football clubs
Applicable law: civil code (Law n. 10.406) and sports general law (Law n.
9.615)No specific regulations governing the
ownership of football clubsNo specific regulations about corporate
governance of football clubsFollowing long tradition, clubs are
incorporated as associations
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Corporate structure of football clubs
More than 99% of the football clubs are incorporated as associations
All the 20 Serie A football clubs are associations
Despite being allowed, no foreign ownership exists
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Corporate structure of football clubs
Only small clubs have an owner
Even having an owner, the clubs retain the association structure due to the
lower taxation
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Corporate structure of football clubs
Future
Will foreign investors buy big football clubs in Brazil?
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Transfer MarketBrazil is the biggest exporter of football
players
13% of the players being transferred internationally are Brazilians
27% of the players being transferred internationally are South Americans
Brazil is the most represented nationality in the 31 top football leagues in Europe
in 2013 (471)
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Transfer market
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Transfer Market
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Transfer Market
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Transfer market
Will the fees involving transfers continually increase?
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Consequences in Brazil and South America of the FIFA ban on the investments on
player's economic rights (TPO)
What are the player’s economic rights?
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Consequences in Brazil and South America of the FIFA ban on the investments on
player's economic rights (TPO)
How are the deals on economic rights implemented?
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Consequences in Brazil and South America of the FIFA ban on the investments on
player's economic rights (TPO)
FIFA DECISION (SEPTEMBER/14): THIRD PARTY INTERVENTION IS
BANNED!
What does that mean?
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Consequences in Brazil and South America of the FIFA ban on the investments on
player's economic rights (TPO)
Impact on the short term for the clubs: negative
Impact on the medium and long term for the clubs: positive
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Consequences in Brazil and South America of the FIFA ban on the investments on
player's economic rights (TPO)
Will investors buy clubs to keep trading economic rights?
