Hegemony of Brazilian teams and advancement of SAFs worry Conmebol management at event in Europe

The technical and financial disparity between Brazilian football and the other federations of the América of the Sul became the center of a heated debate during the Football Law Annual Review (FLAR), an event held by the Fifa in Montserrat Jiménez, legal director and deputy secretary general of Conmebol, used the European stage to express the entity’s growing concern about the economic isolation of Brasil on the continent. The leader highlighted that the massive transformation of associations into Sociedades Anônimas from Futebol (SAFs) created a competitive abyss that threatens the sporting integrity of regional tournaments.

The scenario described by the executive points to an unprecedented acceleration in investments within the Brazilian market, driven by the entry of foreign capital and the professionalization of sports management. Enquanto Brasil clubs operate at a speed compared by Jiménez to “500 km/h”, the other nine South American federations struggle to maintain their basic operations, facing currency devaluation and talent flight. Essa asymmetry has resulted in almost absolute dominance in the Conmebol competitions, with Brazilians winning five of the last eight editions of the Copa Libertadores.

For the highest entity in South American football, the repetition of finals composed exclusively of teams from a single country is not seen as a sign of the health of the tournament, but as a symptom of structural imbalance. The forecast is that, by the end of the decade, practically all clubs from Série to Campeonato Brasileiro will have migrated to the business model, further consolidating this hegemony. The fear is that the Libertadores will lose its continental character and become, in practice, an extension of the national competitions of the Brasil, reducing the interest of fans and sponsors from other nations.

Impacts of multi-club networks and inspection challenges

The rise of multi-club networks, where the same economic group controls several associations in different countries, brings complex legal challenges to the regulation of sport. Jiménez warned of the extreme difficulty in tracking the origin of the financial resources that support these global operations. The lack of transparency in some of these movements creates the risk that football will be used to bring in illicit capital, since the volume of money circulating in the SAF ecosystem far exceeds traditional box office revenues and broadcasting rights.

Supervision of this new business model requires constant updating of Conmebol and national federations’ control tools. The traditional financial fair play system, designed for non-profit civil associations, often proves to be insufficient to deal with the financial engineering of large international conglomerates. The director emphasized that the integrity of competitions depends on the ability of regulators to ensure that all participants follow the same rules, something that becomes increasingly difficult given the legislative disparity between the bloc’s countries.

In addition to compliance issues, there is a fear that the clubs’ strategic decisions will be made in offices far from the South American reality, prioritizing profit over passion and local history. The transformation of clubs into global financial assets changes power dynamics and can weaken the sovereignty of regional sporting institutions. Conmebol seeks mechanisms to ensure that foreign investment is a driver of sustainable development, and not just a tool for short-term commercial exploitation.

Cultural resistance and the Argentine counterpoint

While Brasil moves quickly in adopting the business model, other traditional markets on the continent, such as Argentina, maintain a resistance stance. Durante the panel at Hungria, representatives of Associação of Futebol of The neighbors’ central argument is the preservation of the social function of the clubs, which historically act as community and civic education centers, roles that could be neglected in purely corporate management.

This philosophical and structural divergence deepens the economic gap between the two giants of South American football. Enquanto Brazilians are able to raise funds in the financial market and attract major investors, Argentine clubs depend on organic revenues and player sales to close their accounts. The practical result is the inability of teams from Argentina and other countries to compete for the main talents, seeing their squads being dismantled earlier and earlier, often to reinforce their own Brazilian rivals.

Conmebol faces the challenge of harmonizing these two distinct realities within the same competitive ecosystem. The entity recognizes the need for modernization and capital injection, but also validates the cultural importance of the associative model. The balance sought involves creating conditions so that clubs that choose not to become companies can still be competitive, preventing the continental tournament from becoming a financial monologue dictated only by those who have joined the SAFs.

Risks for athlete training and social function

A sensitive point raised by Montserrat Jiménez concerns the future of the youth categories under the management of large holding companies. The training of players at América of Sul has always played a vital social role, offering opportunities for advancement for young people in vulnerable situations. However, the process of revealing talent is costly and high-risk, characteristics that often conflict with the logic of maximizing immediate profits imposed by companies focused on quarterly results.

There is a fear that multi-club networks will transform South American teams into mere talent warehouses, focusing only on attracting athletes who can be resold to Europa with a high profit margin. Isso could lead to disinvestment in broad and social training, concentrating resources only on a restricted elite of promises with clear market value. If the base stops being seen as an institutional pillar and becomes just a cost line, the impact on the technical quality and social fabric of regional football could be devastating in the long term.

The mechanization of the industry also threatens the identity of training clubs, who risk losing connection with their local communities. The director of Conmebol highlighted that football goes beyond the four lines and that preserving this essence is fundamental. The entity is studying ways to encourage SAF investments to necessarily include the development of grassroots categories and the maintenance of social programs, ensuring that the flow of money leaves a positive legacy for society.

Defined schedule and expectations for the season

Amid debates about the economic future of the sport, the Conmebol continues with the schedule for the 2026 continental competitions. The draw for the group stages of the Copa Libertadores and the Copa Sul-Americana is confirmed for March 19, in an event to be held at the entity’s headquarters, in Este moment will mark the official beginning of the dispute, where the theory about Brazilian hegemony will be tested again in practice on the pitch.

The venues for the single finals have already been established, reinforcing the strategy of decentralization and valorization of different sports venues. The decision of Libertadores will return to the historic Estádio Centenário, in Montevidéu, in Uruguai, a stage that evokes the tradition of world football. Já the final of the Copa Sul-Americana will be played in Barranquilla, at Colômbia, taking the climax of the tournament to the north of the continent. Essas choices seek to keep the football flame burning throughout the region, regardless of the nationality of the finalists.

The expectation for the season is that the budgetary superiority of Brazilians will continue to be a determining factor, but Conmebol hopes that the management measures and sporting strategies of other countries can offer some resistance. The year 2026 promises to be a watershed year, where the SAFs model will be put to the test not only as a financial solution, but as a governance model capable of coexisting — or not — with the tradition of South American football.