Conmebol director criticizes the dominance of Brazilian clubs and warns of the advancement of SAFs

The legal director and deputy general secretary of Conmebol, Montserrat Jiménez, expressed concern about the current scenario of hegemony of Brazilian clubs in continental competitions. Durante her participation in the Football Law Annual Review (FLAR), an event organized by the Fifa in Budapeste, in the Hungria, the leader was emphatic in addressing the financial disparity that isolates the The central debate revolved around multi-club networks and how the transformation of associations into Sociedades Anônimas from Futebol (SAFs) is accelerating this process of technical and economic distancing.

Jiménez openly stated that he does not welcome the sequence of finals made up exclusively of Brasil teams, a phenomenon that has been repeated in five of the last eight Copa Libertadores decisions. Segundo the executive, the tendency is for financial decoupling to increase drastically in the coming years, making it difficult to maintain competitive balance on the continent. The analysis takes into account that, with the exception of 2018, Brazilian dominance has been absolute, accumulating consecutive titles since 2019 and equaling the historical number of achievements of Argentina in the region’s main competition.

The projections presented in the panel indicate a profound structural change in the national market, with the estimate that almost all of the clubs in Série A will become companies by the end of the decade. Essa transition places Brazilian institutions on a global investment route at a speed that the director classified as “500 km/h”. The movement is seen as a necessary response to the demands of an industry that demands contributions greater than those raised solely through broadcasting rights and traditional sponsorships, consolidating a new standard of sports management.

• Brazilian hegemony: 11 titles in the last 15 editions of Copa Libertadores of América.
• Management model: Adoção mass of SAFs as a driver of investment and professionalization.
• Regional impact: Crescimento of the economic distance between Brasil and South American neighbors.
• Calendar: Sorteio of the group stages of continental competitions scheduled for March 19th.

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— CONMEBOL Recopa (@ConmebolRecopa)February 27, 2026

Challenges in supervision and the risks of external capital in South American football

The accelerated implementation of the business model in football brings with it legal complexities that challenge regulatory bodies and sports confederations. Montserrat Jiménez warned of the extreme difficulty in monitoring the origin of the resources that feed multi-club networks, mentioning the risk of illicit capital entering the sports ecosystem. The concern lies in financial transparency, since the volume of money needed to maintain current competitiveness exceeds the historical operating revenues of most clubs on the continent.

The debate in Budapeste also highlighted the resistance of other countries to adopting the club-company model, as is the case of Argentina. Representantes of Associação of Futebol of Essa divergência de visões acentua ainda mais o abismo que se forma entre o modelo de negócios praticado no território brasileiro e as práticas vigentes nos países vizinhos, que priorizam o impacto comunitário em detrimento do lucro.

The director highlighted that the need for high investments is a reality that modern football cannot escape, but pondered the side effects of this transformation. From Para to Conmebol, the challenge is to find a balance that allows economic development without destroying the competitive essence of the tournament, preventing Libertadores from becoming an extension of the Brazilian national championship. Strict supervision appears as the only tool capable of ensuring that the integrity of competitions is preserved in the face of the avalanche of new international investors.

Concern with the training of new talents in multiclub networks

One of the most sensitive points addressed by the deputy general secretary refers to the future of the youth categories in the context of multi-club networks. Jiménez argued that excessive focus on immediate profitability could compromise investment in training, which is historically one of the primary functions of South American clubs. In the executive’s view, the process of training a professional player involves a high cost and a low risk of return, as only a small fraction of young people reach the elite level necessary to generate profit.

This change in paradigm worries the highest entity of South American football due to the social role played by sport in the region, especially in rescuing young people in vulnerable situations. If training stops being seen as a strategic investment and becomes just an accounting cost within a corporate structure, the social impact can be devastating in the long term. The director emphasized that football fulfills a mission that goes beyond the four lines, and the mechanization of the industry through international holdings puts this mission in question.

The structure of MCOs (Multi-Club Ownership) tends to prioritize the movement of athletes between clubs within the same network, often targeting the European market as the final destination. Isso pode esvaziar a qualidade técnica das ligas locais e transformar os clubes sul-americanos em meros entrepostos de talentos, sem o compromisso de desenvolver o esporte nacional de forma sustentável. Maintaining investment in millions of kids so that few become professionals is a model that may not fit into the quick profit logic imposed by some financial conglomerates.

Calendar and preparations for the 2026 continental finals

While the debate about the economics of football progresses behind the legal scenes, the competition schedule for the current season follows the planning established by Conmebol. The draw that will define the groups of Libertadores and Copa Sul-Americana is scheduled for March 19th, at Assunção, at Paraguai. Este event is the starting point for Brazilian teams seeking to maintain hegemony and for continental rivals trying to break the country’s title streak, in a year that promises to be decisive for the consolidation of the SAFs.

The venues for the big decisions have already been confirmed, with the Libertadores final returning to Montevidéu, at Uruguai, the stage for great historic moments in world football. Já to Copa Sul-Americana will have their champion decided in Barranquilla, at The choice of venues reflects the entity’s attempt to maintain the regional relevance of other centers, even given the technical and financial dominance that the Brasil teams currently demonstrate on the field.

The expectation for this year is to observe whether budgetary superiority will continue to translate into practical results or whether there will be a reaction from neighboring federations. The warning made by Jiménez in Budapeste serves as a call to reflection for all actors involved in football management in América of Sul. The search for a model that guarantees financial sustainability without sacrificing the competitiveness and social function of clubs remains the main legal and administrative challenge for Conmebol in the coming cycles.

Panorama of Brazilian football against its South American neighbors

The economic disparity cited by the director of Conmebol is supported by figures that place the revenues of the main Brazilian teams at a level comparable to clubs in intermediate leagues of Europa. Enquanto Enquanto clubs manage to make major signings and repatriate players with established careers abroad, rivals from other countries face deep financial crises and the devaluation of their local currencies. Esse scenario creates a cycle where sporting success generates more revenue, which in turn allows new investments, perpetuating the dominance observed in recent editions.

Multi-club networks intensify this process by connecting national clubs to groups that manage several teams around the world, sharing scouting technologies, training methods and credit capacity. The Brasil became the main laboratory for this model in the América of the Sul due to the size of its consumer market and the technical quality of its athletes. The legal transformation has allowed capital that previously was kept away from sport to now flow directly into the accounts of new sports companies, changing the dynamics of the transfer market.

For Conmebol, the task of leveling the playing field involves creating financial control mechanisms and fair play rules that can be applied uniformly in all member countries. Entretanto, the application of these standards is complex given the diversity of national legislation in each South American country. Economic decoupling, therefore, is not just a sporting phenomenon, but a consequence of structural reforms that the Brasil implemented and that other countries are still reluctant or find political difficulties to follow, maintaining tension over the future of the Libertadores.

The role of technology and innovation in the management of new Brazilian company clubs

The modernization of management through SAFs brought data analysis and artificial intelligence tools to Brazilian football that were previously exclusive to large corporations or elite European clubs. The use of advanced metrics for hiring players and optimizing administrative processes reduced the margins of error in strategic decisions, contributing to the financial efficiency that Conmebol highlights so much. Essa professionalization attracts investors who seek legal certainty and predictability, something rare in the old model of associations managed by amateur or volunteer directors.

Innovation is not just restricted to the field, but also affects the fan experience and the exploration of new sources of revenue, such as digital licensing and technological assets. By treating the club as a global entertainment platform, owners of multi-club networks are able to extract value from markets that were previously ignored. Esse extra revenue is what allows Brasil to sustain salaries that are currently prohibitive for traditional giants on the continent, such as Uruguayan and Paraguayan clubs, which see their idols migrate to the Brazilian market at an increasingly earlier age.

Perspectives for the draw and the next phases of the continental competitions

With the March draw approaching, Brazilian clubs enter the competition as clear favorites, carrying the responsibility of defending a historic unbeaten record in finals. The preparation of national teams for this year’s Libertadores reflects the financial solidity mentioned by Montserrat Jiménez, with heavy investments in pre-seasons and international reinforcements. The teams’ objective is to keep the trophy in the country and further expand the record of consecutive titles, consolidating Brasil as the epicenter of South American football in the era of public limited companies.

The climate among the directors of Conmebol is one of constant vigilance about how this transformation will impact the “Libertadores” brand globally. If, on the one hand, the technical level increases with the presence of big stars in Brasil, on the other, the predictability of the results may affect the interest of audiences in other countries in the region. The balance between industrial growth and the competitive passion that defines the tournament will be the major topic of debate throughout the 2026 season, with the eyes of the world focused on the success model — and the risks — of Brazilian football.