Santos FC SAF × SDC Sports — 150 Receivers at Vila Belmiro
American investors presenting for the first time to the club that discovered Pelé, Neymar and Rodrygo.
▶ QUICK SUMMARY
On August 31, 2026, SDC Sports LLC (an American company) presented its investment proposal for Santos FC's SAF to the club's Deliberative Council, at Salão Vidal Behor Sion, Vila Belmiro. The proposal: R$1 billion for an 80% stake, plus assumption of approximately R$1 billion in debt — the largest foreign investment ever proposed in a Brazilian football club. Alex Barros interpreted the hybrid event (in-person and Zoom) with 150 simultaneous interpretation receivers.
The setup — 150 receivers at Vila Belmiro
Events at Santos's Deliberative Council have a unique profile: board members with decades-long relationships with the club, accustomed to internal debates in Portuguese, receiving an American investor group presenting in English for the first time.
The solution was professional fixed equipment. 150 simultaneous interpretation receivers were set up in the Council room — each member received a receiver upon entering. A dedicated transmitter, interpretation booth and identical audio quality for all 150 participants, with no dependence on Wi-Fi or cell phones.
The technical challenge — two worlds in one room
Interpreting an M&A presentation for a football club's Deliberative Council isn't the same as interpreting a conventional corporate meeting. The audience mixes two worlds with completely different vocabularies: board members who understand football, club history and member-based governance — and SDC Sports's American team with private equity language, SAF structuring and sports investment thesis.
The challenge wasn't just English-Portuguese. It was making American M&A terms make sense to board members with decades-long relationships with Santos as club members — while conveying the tone and intent of the American investors, who came to Brazil for the first time for this event.
The vocabulary — two worlds in one room
| Term (EN) | Equivalent (PT) | Context |
|---|---|---|
| Term sheet | Carta de intenções | Signed document formalizing terms, non-binding |
| SAF — Sociedade Anônima do Futebol | SAF (acronym kept) | Law 14,193/2021 structure with no American equivalent — not an LLC, not a trust |
| 80% equity stake | 80% majority stake | SDC would buy 80% of the future Santos SAF; 20% would remain with the member club |
| Debt assumption | Assunção de dívidas | SDC would assume ~R$1B in debt beyond the direct R$1B investment |
| Non-binding agreement | Acordo não vinculante | Does not compel completion, but establishes exclusivity and guidelines |
| Conselho Deliberativo | Deliberative Council | No equivalent at American clubs — explained as governing body of member-owners |
Why lingo for this event
21 years interpreting for JPMorgan, Goldman Sachs, Itaú BBA and Macquarie — American deal-making vocabulary in Portuguese.
Law 14,193/2021 created a structure with no American parallel — translating it correctly requires understanding what it isn't.
Professional fixed equipment supplied and operated by lingo, no dependence on local vendors.
Negotiation under NDA between the parties — standard protocol for Rothschild & Co. and Santos's advisors.
The context — Brazilian football's largest negotiation in 2026
Santos's SAF process is the largest sports M&A operation underway in Brazil in 2026. SDC Sports's (Saint-Dominique Capital) proposal would be the largest foreign investment ever made in a Brazilian football club.
SDC Sports is advised by Rothschild & Co. — a global reference in sports M&A — and Alvarez & Marsal. Santos is represented by XP Investimentos, EXA Capital and Bichara & Motta. XP reviewed 62 investors over 11 months before selecting SDC.
SDC's central argument: Santos has one of world football's greatest talent-development records — Pelé, Neymar, Rodrygo — during a period when the Brazilian talent market is the most contested in the world. That asset, combined with the club's global brand, is the upside justifying the deal.
Frequently asked questions
What was SDC Sports's presentation to Santos FC?+
On August 31, 2026, SDC Sports LLC presented its investment proposal for Santos FC's SAF to the Deliberative Council, at Salão Vidal Behor Sion, Vila Belmiro. A hybrid event with 150 simultaneous interpretation receivers.
What is SAF — Sociedade Anônima do Futebol?+
A legal structure under Law 14,193/2021 allowing football clubs to convert into corporations — the investor contributes capital in exchange for an equity stake, with a differentiated tax regime.
Why did the presentation require simultaneous interpretation?+
SDC Sports is American and presented in English; the Deliberative Council is made up of Brazilian club members. For 150 attendees to follow in real time, lingo provided interpretation via individual receiver and Zoom channel.
What was the value of SDC's proposal?+
R$1 billion for an 80% stake, plus assumption of approximately R$1 billion in debt.
Does the interpreter sign an NDA for deals of this scale?+
Yes. The negotiation took place under NDA between the parties, standard protocol for Rothschild & Co. and Santos's advisors.
M&A event, SAF or shareholder meeting?
Quote in 60 seconds — English, Spanish, French and 12 other languages.
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