Financial fair play arrives in Brazil: CBF defines spending limits and punishments for clubs

Confederação Brasileira of Futebol (CBF) presented this Wednesday (26), in São Paulo, the Sistema of Sustentabilidade Financeira of Futebol Brasileiro. The set of rules comes into force from January 1, 2026 and will initially be applied to clubs from Séries A and B from Campeonato Brasileiro. The measure creates the Agência Nacional from Regulação and Sustentabilidade from

The main objective is to promote balance in the clubs’ accounts and avoid the accumulation of debt. The system establishes four main pillars: control of outstanding debts, operational balance, squad cost limit and restriction on short-term debt.

⚠️ ATTENTION! The Fair Play Financeiro plan for Brazilian football, which was presented today by the CBF:• Implementation will be gradual and will begin in January 2026.•

— Planeta do Futebol 🌎 (@futebol_info) November 11, 2025

Overdue debts under constant surveillance

ANRESF will monitor in three annual windows: March 31st, July 31st and November 30th. Clubs must complete self-declarations and register all commercial and contractual transactions on CBF’s own platform.

Athlete contracts and agreements between clubs will only be valid at the IDB after complete registration of amounts and payment methods. Debts incurred before 2026 will have an extra period until November of that year for adjustment. Debts assumed from January 2026 follow immediate rules.

Casting cost limits and gradual transition

Clubs will have a squad spending cap defined as a percentage of verified revenue. In 2028, the limit will be 80% for Séries A and B. From 2029, Série A goes to 70% and Série B maintains 80%.

The calculation considers salaries, labor charges, image rights and amortization of contracts. Net income from transfers and capital contributions also enters the allowed limit account.

Operating deficit control with defined margin

Série A clubs can record a maximum deficit of R$30 million or 2.5% of relevant revenues, whichever is higher. Na Série B, the ceiling is R$10 million or 2.5% of revenues.

The rule applies to the sum of the last three financial years. Despesas with base, women’s football, infrastructure and social projects are left out of the calculation. Nos years 2026 and 2027 there will only be a warning in case of non-compliance.

Short-term debt with progressive reduction

Net debt due within 12 months cannot exceed 45% of relevant revenues from 2030 onwards. The percentage will be applied in a decreasing manner: 60% in 2028, 50% in 2029.

Until 2027, irregularities in this indicator only generate public warnings. The rule seeks to avoid excessive dependence on short-term loans to pay current bills.

Multiproperty receives clear restriction

It is prohibited to have control or significant influence in more than one club that competes in the same competition organized by the CBF in the same season. Todas operations between clubs in the same economic group must follow specific accounting criteria.

The measure directly affects management models such as SAFs with participation in multiple teams.

Punishments range from warning to demotion

The expected sanctions include a public warning, monetary fine, withholding of television revenue and quotas, prohibition of athlete registration, loss of points, administrative demotion and even revocation of competition licenses.

Managers and administrators may also suffer individual punishments. Penalties range from a warning and fine to temporary suspension, permanent disqualification and banishment from football in serious cases of fraud or deliberate omission.

Educational period guarantees adaptation until 2028

Financial results reported in 2026 and 2027 will be educational in nature. Nesse interval, clubs only receive warnings in case of non-compliance with the main rules.

Full application of sanctions begins in 2028 for most indicators. The gradual schedule was defined to allow boards to adjust planning and financial structure without immediate punishments.

Audited balance sheets and mandatory annual budget

Clubs must submit financial statements by April 30th of each year with an independent audit registered with the CVM. The budget for the following year must be approved and sent by December 15th.

Although the delivery of the budget is mandatory, there is no direct punishment for non-compliance at this initial stage. The CBF’s expectation is to use budget projections to identify future risks of breaking the rules.

The creation of the system represents the biggest financial reformulation of Brazilian football since Lei of Responsabilidade Fiscal of Esporte. ANRESF will have a deliberative council with representatives from the CBF, clubs, federations and independent members to guarantee autonomy in decisions.