Overview

• Speaking to the Conselho Deliberativo at General Severiano on Oct. 14, CEO Thairo Arruda spent roughly 90 minutes addressing pre-submitted questions on the SAF’s finances.
• He updated guidance to say available funds extend to December 2025 after receivables improved a prior internal view that cash would last only until October.
• Management set a target of about R$350 million, combining player sales and new investor money, to fund operations through the first half of 2026.
• Arruda estimated total liabilities near R$700 million, including approximately R$300 million in taxes, R$330 million owed to Brazilian clubs, and R$70 million in other obligations.
• He said Eagle Football Holding owes the SAF roughly R$800 million, while separate reporting points to growing internal resistance to John Textor and a recent meeting between club president João Paulo Magalhães and Eagle executives.