Tax reform is advancing in the Federal Senate. There are, however, points that could harm the development of entire sectors of economic activity, such as football.

The Securities and Exchange Commission (CVM), the regulatory authority for the capital markets, has been the object of public - and political - curiosity, from time to time, on the occasion, invariably, of an external and extreme event.

The theme of this column suggests a dialogue with a text recently published by the general editor of sports at Estadão, journalist Robson Morelli, whose title is "learn to live with the SAF".

One night at dawn in 2009, I got a call around 11:30 pm on a Wednesday. It was the journalist Victor Birner, inviting me to meet him at a bar. Minutes later, I was next to one of the idols of my life-after, obviously, his brother, Raí, the greatest player in the history of São Paulo and PSG.

It is becoming fashionable to publish open letters to the President-elect, coming from the most distinguished and qualified sources: some with technical and structured ideas, others with personal desires.

How can the country that generates the most players on the planet (approximately 11% of all businesses involve Brazilians) produce a billionaire and unpayable debt, from the perspective of the current clubs?

The CBF issued, on January 18, 2022, the Official Letter CBF 246/2022 ("Official 1"), addressed to the presidents of state federations, which deals, among other topics, with the constitution of the football joint stock company ("SAF" ).

The purpose is only intended to present a position, from an image (or photograph) of the current situation of football, and compare it with the perspectives provided by the SAF Law.

The first -and perhaps the main- lesson that can be drawn from the series Sunderland 'Til I Die, consists in revealing the importance that the football team plays in relation to the population of the city that bears the same name. 

The DREI is responsible for, among other matters, establishing and consolidating general rules and guidelines for the public registry of commercial companies and related activities.

In 1992, Telê Santana participated in TV Cultura's Roda Viva program in a strong defense of the transition from the associative model to the business model, in the scope and management of Brazilian football.

Law 14.193/21, authored by Senator Rodrigo Pacheco, was approved unanimously in the Federal Senate and, in the Chamber of Deputies, with 427 votes in favor and only 7 against. On being sent for presidential sanction, it suffered - despite the popular will expressed through congressmen - relevant vetoes, which were later overturned by the National Congress. Some, however, persisted despite efforts to dissuade the Presidency of the Republic from its mistaken convictions.

Law 14.193/21 provides for a specific governance regime for football corporations ("SAF"): in addition to the board, a mandatory body in any company, it must also have a board administration.