The Council of State declared the nullity of the resolutions denying registration of the mixed trademark "Café Santa Ana de Matituy" finding that due process had been violated.

The provocation, it should be noted, does not apply only to football corporations, created by the SAF Law (Law 14.193/2021). The problem extends, with adaptations, to football clubs, established as non-profit associations.

Below is a summary of the main themes and market dynamics that borrowers and lenders should keep in mind as they navigate dealmaking, refinancings, and capital allocation decisions in the second half of 2025 and beyond.