Confiança's SAF has already left the drawing board at specific points, but the documents available until August 8, 2026 do not allow us to state that R$51.2 million was contributed or spent at the club. The first care is precisely to separate this number from the new money promised by investors.
The project approved by the partners in November 2025 presented R$ 51.2 million as a budget for three years, bringing together three components: existing revenue, new revenue generated by SAF and contributions from the investment fund. Of this total, R$ 24 million would be direct contributions from investors; the rest would depend on revenue from football itself and its reinvestment.
Since then, there is evidence of capitalization of the FIP, money actually received by SAF, payment of part of the debts, renovation of Sabino Ribeiro's pitch and structuring of the youth categories. On the other hand, the new training center and the full execution of the planned contributions still do not have equivalent public proof.
The R$51.2 million was never a check for R$51.2 million
This point changes the reading of the entire project. In the October 2025 presentation, the budget of R$51.2 million included R$24 million in direct contributions, initially distributed in 40% in 2025, 35% in 2026 and 25% in 2027. Among the priorities announced were paying off debts, then estimated at R$12 million, build a new CT, modernize Sabino Ribeiro and invest in the squad and base.
The vice-president of the Confiança Board of Directors, Danielle Ferreira, explained before the vote that the R$51.2 million did not represent a full transfer of the fund: in addition to the R$24 million foreseen in contributions, the account incorporated revenues from the football department that would be reinvested.
In April 2026, the CEO of SAF, Diogo Lemos, reported a different schedule to that presented in 2025: according to him, the FIP would have to invest R$9.6 million in SAF throughout 2026. The executive also said that the operation documentation suffered delays and was only finalized after the debut in the Sergipe Championship. In this research, a public document was not found that formally reconciles the original schedule of 40%, 35% and 25% with the R$9.6 million allocated to 2026.
The strongest document so far is the closing of the FIP offer
AD Confiança Fundo de Investimento em Participações had an offer registered with the CVM in December 2025. The prospectus initially envisaged up to R$30 million in shares, with partial distribution permitted as long as at least R$18 million were subscribed. Investors also joined a capital call mechanism linked to the need to pay in resources allocated to the SAF.
On June 3, 2026, the closure announcement recorded R$24.72 million in total placement of shares, distributed among 16 investors: 11 individuals and five legal entities. It is important documentary evidence that the financial vehicle created to support the operation was effectively structured and had quotas placed.
But there is a difference that cannot be erased: R$ 24.72 million in quotas placed in the FIP do not mean R$ 24.72 million already transferred and spent by Confiança's SAF. The prospectus itself establishes capital calls and determines that at least 90% of the fund's net equity is invested in the target company. Therefore, the documentation proves the structure and placement of the offer, but does not alone prove the full entry of this amount into the football coffers.
Documentary photography so far looks like this:
| Front | What can be proven by 8/8/2026 | Situation |
|---|---|---|
| FIP Structuring | Offer closed with R$ 24.72 million in shares placed. | Proven |
| Contribution received by SAF | CEO declared around R$5 million received by April 8. | Partial and declared by management |
| Debt payments | According to the CEO, almost 70% of the first contribution was allocated to debt. | Partial |
| Sabino Ribeiro | Gramado underwent complete revitalization, completed in early January. | Proven |
| Base categories | New work began in January and the club received training club certification in July. | Proven |
| New CT | It was one of the project's priorities, but no public proof of the start of work was found. | Not proven |
Around R$5 million arrived at SAF by April
The most objective public information about money ever received directly by SAF came from Diogo Lemos on April 8. The CEO stated that the club had received around R$5 million from the FIP and that practically 70% of this amount had been used to pay debts. The rest, according to him, was directed to infrastructure and increasing the payroll.
The same statement shows that the promise to settle the liability could not yet be considered concluded at that time. Lemos said that short-term financial debts had been paid, that other commitments of the Association were being paid off and that some outstanding debts would be refinanced. This is different from proving the full settlement of the approximately R$12 million in liabilities mentioned in the 2025 project.
It is also important not to turn forecast into realized revenue. In April, the CEO projected around R$14 million in revenue for 2026, citing sponsorships, new partners, advancement in the Copa do Brasil and reduction of certain costs. It is a management projection, not a closed balance sheet for the year.
Until the completion of this research, no subsequent disclosure was found that updated, with the same level of precision, how much of the R$9.6 million mentioned for 2026 had already effectively entered SAF's cash flow after that first contribution of approximately R$5 million.
At Sabino Ribeiro, there is a visible physical delivery
Among the infrastructure promises, the revitalization of the Sabino Ribeiro lawn is the easiest item to verify. Confiança returned to training at the stadium on January 6, after a 40-day intervention described as a complete revitalization of the field. The work was related to the diagnosis carried out during the transition to SAF.
This proves a concrete improvement in the stadium, but does not equate to considering the entire “modernization of Sabino Ribeiro” foreseen in the project completed. Nor was it found, in the sources consulted, a public value detailing how much of this work came from FIP contributions.
The base has advanced beyond the announcement
The structuring of the base categories also presents verifiable deliveries. In January, the club announced a new model with a professional team, daily training, defined methodology and annual calendar, as part of the transformation process to SAF.
In July came a stronger institutional indicator: Confiança received certification as a CBF training club, becoming, according to ge, the first club in Sergipe with this recognition. The published certification is valid until January 31, 2027 and requires specific training conditions, including structure for young people and medical, psychological, dental and school support.
This is one of the cases in which a priority written in the project can be linked to a concrete change that will occur in 2026.
The new CT continues to be the big point without proof of execution
The construction of a new training center, with at least three fields, appeared among the central projects of the proposal approved in 2025.
In the research carried out until August 8, 2026, however, no official announcement or reliable journalistic coverage was found proving the start of works, work order or delivery of the new CT. This does not mean that there are no internal negotiations, projects or preparatory work. It just means that physical execution cannot yet be treated as proven with the public documentation found.
The same care applies to the amounts allocated to the cast, to the other facilities at Sabino Ribeiro and to the different administrative areas: there are statements about increased payroll and investments in infrastructure, but no public statement was found that separates each expense and allows for an accounting of the R$51.2 million per item.
In the field, the return still does not keep up with institutional advances
Sports performance was also part of the priorities presented by the SAF. At this point, the situation in August is very different from the advances observed in the base or in the financial structure.
On August 5, before the resumption of the competition, Confiança was bottom of Serie C with 12 points, three behind Barra, then 18th placed and last club outside of Z-2.
This scenario does not, in itself, demonstrate that the financial project failed. A three-year SAF cannot be judged solely by the classification of a season cut-off. But, if the question is what has already come to fruition, there is also no reason to confuse administrative professionalization or capital input with sporting results already delivered.
What's missing for the account to be truly transparent
Today it is already possible to prove that the SAF went into operation, that the fund had R$ 24.72 million in quotas placed, that the administration reported a first contribution of approximately R$ 5 million, that a relevant part of this amount was directed to debts and that there were concrete deliveries on the pitch and in the training of athletes.
What is still missing is an accounting capable of linking, in the same photograph, capital paid in to the SAF, own revenues, debt balance, expenses with the cast, infrastructure and base. Without this, any statement that the R$51.2 million “has already been invested” mixes the multi-year budget, FIP capital and projected revenues as if they were the same thing.
Until August 8, the most defensible diagnosis is another: the project has verifiable execution, but it is far from allowing the R$51.2 million to be verified as money already realized. The next relevant milestone will be knowing how much of the investment planned for 2026 actually entered the SAF and how this money appears in the operation's accounts.
