The most accurate way to answer the question “who owns SAF do Confiança?” is to separate ownership, investment fund, strategic consultancy and executive management. SAF has two shareholders: AD Confiança Fundo de Investimento em Participações, with 78% of the shares, and Associação Desportiva Confiança, with 22%. Rodolfo Landim is a central figure in the project and one of the names of LG2, but this does not mean that he, as an individual, owns 78% of the club.
The short answer: the majority of the SAF is with the FIP
The structure presented to the partners in October 2025 and approved on November 1st of that year placed AD Confiança FIP as the majority shareholder of the new company, with 78% of the shares. Associação Desportiva Confiança remained with 22%.
This changes the answer in relation to the associative mode. Professional football started to be conducted by a limited company whose capital is divided between the fund and the association. Therefore, legally, the controlling shareholder is FIP, not Rodolfo Landim individually and not LG2 as if it itself held the 78%.
What does it mean to say that a FIP is a shareholder of SAF
A Participation Investment Fund is an investment vehicle. Investors own shares in the fund; the fund, in turn, may own shares in the invested company. In the case of Confiança, this distinction is essential: the shareholders of AD Confiança FIP have economic participation in the fund, while the person who appears as a shareholder of SAF is the FIP itself.
For this reason, two different questions are often mixed together. One is “who owns SAF shares?”. The answer is FIP, with 78%, and Association, with 22%. Another is “who owns the FIP shares and in what proportion?”. The public documents consulted for this article do not provide a complete list with the individual participation of each shareholder, which prevents the safe attribution of a personal percentage of SAF's capital to Rodolfo Landim.
Where Rodolfo Landim comes in
Landim was the main public face of the project presented to Confiança. The proposal was led by LG2, of which he is one of the partners alongside Gustavo Oliveira and Gabriel Araujo. In the approval phase, the former president of Flamengo was described as a technical advisor to the fund and as leader of the strategic and consultative governance of the project.
This role is relevant, but it is different from being the majority shareholder in your own name. The available documentation allows us to state that Landim participates in the structure of influence and formulation of the project; does not allow us to conclude that the 78% belongs to him personally.
This difference also helps to explain why some headlines use expressions such as “Landim group” or treat the businessman as the new face of the SAF. It is an understandable journalistic simplification to identify the group, but it does not replace reading the corporate structure.
LG2 is not the administrator or regulatory manager of the FIP
This is a point that often generates confusion. In the SAF project, LG2 appears with a consultative and strategic role linked to the implementation and monitoring of the operation. The AD Confiança FIP regulation, in force since April 10, 2026, identifies Oslo Capital Distribuidora de Títulos e Valores Mobiliários as administrator, manager and custodian of the fund.
In other words, “fund management” in the capital market regulatory sense is a function of Oslo Capital. “LG2’s participation in the management of SAF”, an expression used in reports about the project, refers to another layer: the advisory board, the recommendation of professionals, the planning and strategic monitoring of the football company.
Mixing these two functions leads to the wrong conclusion: LG2 can exercise important influence over the SAF without being the fiduciary administrator or the FIP portfolio manager.
Who controls SAF decisions
The majority shareholding of FIP is reflected in governance. In the structure published after approval, the SAF Board of Directors would have five members, with four appointed by AD Confiança FIP and one by Associação Desportiva Confiança.
This design concentrates in the FIP block the ability to form the majority of the board, which is precisely the body responsible for relevant corporate decisions and for choosing senior management. Landim explained at the time that the team linked to the project could recommend names for CEO and football director, but that the choice would be up to the administrators appointed to the board.
This is where the expression “control” becomes more precise. The FIP controls the majority of the capital and appoints four of the five members of the Board of Directors. LG2 influences strategy through its advisory role. The Association maintains minority participation and its own representation. And day-to-day execution is in the hands of professionals hired by SAF.
Has the Association ceased to exist or lost all power?
No. Associação Desportiva Confiança continues to exist as a separate entity and holds 22% of the capital of SAF. In the proposal released before the vote, the association's veto power was also provided for over symbols and intangible elements of the club.
This point shows why minority participation does not mean a complete absence of influence. The association does not control the majority of the board or capital, but preserves corporate presence and
an institutional connection with identity, historical heritage and relationship with members.
The public materials consulted clearly detail the 22% participation and the appointment of a counselor. Any fine adjustments to protective clauses in definitive corporate documents require reading the SAF's final instruments, which were not fully available in the open sources used in this investigation.
Who does day-to-day management
Executive command should also not be confused with ownership. On January 10, 2026, Confiança announced Diogo Lemos as CEO of SAF, responsible for the executive and strategic management of the organization. In June 2026, he remained in the position and was described as primarily responsible for the executive management of the SAF.
In practice, this means that operational decisions regarding administrative structure, sports planning, finances and project execution pass through the company's professional team, within the guidelines and supervision mechanisms defined by corporate governance.
Thus, the CEO manages the operation; the Board of Directors supervises and decides matters within its competence; shareholders control the company through their participation and corporate rights; and LG2 acts as the advisory and strategic formulation nucleus linked to the project.
The FIP itself also has its own governance
AD Confiança FIP is not just a “box” where investors’ money was placed. Its regulations establish administration, management, shareholder meetings and an Investment Committee.
The April 2026 document provides that this committee will have three members: two appointed by the shareholders and one appointed by the manager. Its duties include monitoring and recommending decisions about the portfolio, guiding the manager in discussions of goals and guidelines and monitoring the fund's representation with the invested company.
At the same time, the regulation preserves the formal responsibilities of the manager. This reinforces the existence of yet another layer of power: investors exercise rights through shares and the governance of the fund itself; the fund exercises the rights of a SAF shareholder; and SAF has its own board and executive structure.
The control map becomes clearer in four layers
Corporate ownership
AD Confiança FIP owns 78% of SAF shares. Associação Desportiva Confiança holds 22%. This is the most direct legal answer to “who owns SAF”.
Economic participation
Shareholders hold FIP shares and participate economically in the vehicle that holds the majority of SAF. The individual participation of each shareholder, however, should not be assumed without specific documentation. Therefore, it is not correct to transform the 78% share of the fund into a personal share of Landim.
Strategic control
The majority of the Board of Directors is appointed by FIP. LG2 acts in advising and strategically formulating the project, and Landim appears as one of its main leaders.
This is the layer that explains the strong influence of the group without confusing it with direct ownership of shares.
Executive management
Day-to-day execution is the responsibility of the professional administration of the SAF. In 2026, Diogo Lemos will occupy the position of CEO and will be responsible for the executive and strategic direction of the operation.
So Rodolfo Landim is “the owner of Confiança”?
The wording is imprecise. It may work as a shortcut to say that Landim leads the group responsible for the project and has relevant influence on its governance, but it does not correctly describe the corporate chain.
The most rigorous thing is to say that SAF is controlled by an FIP that holds 78% of the shares; the Association maintains 22%; LG2 participates in consultative and strategic governance; and Landim is one of the central figures of LG2 and the project. Without revealing the individual composition of the fund's shares, there is no basis for stating which economic portion of SAF belongs personally to him.
What's left to answer everything with absolute precision
The corporate structure of SAF is clear in the percentages disclosed. It is also public who administers and manages the FIP in the regulatory sense and how the majority of the Board of Directors was drawn.
The least transparent point for fans is the internal distribution of the fund's shares. Without a document that shows the individual participation of each investor, any ranking of “who has the most” within the FIP would be speculative.
This is precisely where the phrase “Landim is the owner” loses precision. It jumps from the public face of the project directly to economic ownership, ignoring the fund, its shareholders, the regulatory manager, the SAF board and the Association.
The best answer to the fan's question
If the question is who owns SAF, the answer is objective: AD Confiança FIP is the majority shareholder, with 78%, and Associação Desportiva Confiança has 22%.
If the question is in charge, the answer needs more layers. The FIP bloc has the majority of the Board of Directors; LG2 influences the strategy and recommends paths; the Association maintains participation and representation; and executive management is professionalized, with its own CEO.
Rodolfo Landim is central to this architecture, but describing him simply as “owner of Confiança” erases precisely the mechanism that makes SAF different from a company directly owned by a single person.
