This is a Carioca saga. Of a team that has served as the base for the Brazilian national team in World Cups, and that has had in its ranks great generational talents, such as Garrincha - one of the greatest footballers of all time - as well as Didi, Nilton Santos, Zagallo, Jairzinho, Paulo César Caju, Amarildo, and so many others.
Botafogo's most successful era came in the 1960s. And the Glorioso's last great achievement was in 1995, when Túlio Maravilha achieved idol status for the goals that led the team to national glory.
Then came the 21st century. Alvinegro have been relegated to the second division on three occasions, the last time in 2020. That's almost three decades without winning a major title. The worst, however, seems to have passed, and this "new" Botafogo is a protagonist, no longer a mere supporting player.
Lean times are present in the club's history, such as when it went 21 years, between the end of the 1960s and the 1980s, without lifting a single trophy. The period lasted from the 1968 Campeonato Brasileiro to the 1989 Campeonato Carioca.
But what the club went through before SAF arrived was an institutional crisis that could have bankrupted Botafogo. However, the Glorioso persevered, long before the millions from American businessman John Textor, thanks to the passion of its fans, who never abandoned the Rio emblem.
Salvation by the SAF
On August 6th, 2021, the Brazilian Congress passed Law 14.193/2021, encouraging football clubs to migrate from the status of a non-profit civil association to a model based on rules of governance, control and means of financing specific to the activity of football. The SAF law, the Sociedades Anônimas in Brazilian football, was born.
This type of management was already quite common in European football and elsewhere on the planet. But it only arrived in Brazil recently. The legislation, of course, still lacks supervisory provisions and more in-depth treatment of the issue of club indebtedness.
It was the starting point for some of the country's top football teams to get back on their feet, avoiding a deepening of their legal and, above all, financial problems. Botafogo was one of the first clubs in Brazil to opt for the SAF model, transferring its football-related assets to a company. In this case, Eagle Football Holdings, owned by American John Textor.
A risky bet
The businessman closed the purchase of Botafogo in the middle of the 2021 Série B Brasileirão. An investment of R$400 million for 90 per cent of the shares in SAF alvinegra. John Textor didn't arrive in Rio de Janeiro as a mere adventurer in the world of football.
Before expanding his business in Brazil, he was close to acquiring 25% of Benfica's shares. However, negotiations with the Portuguese club did not go ahead. In 2021, however, he bought 18% of Crystal Palace, in the Premier League, in an investment of £87.5 million, making him one of the owners of the London team.
In the same year, he acquired Molenbeek, in Belgium's second division. His holding company currently owns Lyon. The American also had his sights set on Everton, but to no avail.
Botafogo, in its current state, was a risky bet, especially given the terrible state of its finances and the deterioration of the club's assets. Textor, however, saw an opportunity. And he was especially supported by Brazilian legislation. The debts incurred by the clubs when they were just civil associations would not be transferred to the newly created SAFs.
In the current model, the new companies responsible for football administration contribute to paying these obligations, within the limits established by law, either with 20% of their current monthly income or through a request for judicial recovery, in which they can renegotiate civil and labour debts, establishing discounts, write-offs and payments within new time limits.
From Serie B to the top shelf
Botafogo's response under John Textor in the sporting field is notable. In 2021, the club won access to the elite of Brazilian football. The following year, they finished 10th in the competition and secured their place in the Copa Sudamericana, the second most important club tournament on the continent.
Then came the 2023 season, with Botafogo already consolidated, advancing to the quarter-finals of the South American Cup and falling at the same stage of the Copa do Brasil. The Glorioso had an unbeatable campaign in the first round of the Brasileirão and were virtually champions.
But football has its trials and tribulations and the Botafogo fans watched in bewilderment as their team fell apart. The Brasileirão slipped out of the hands of the carioca team and fell into the lap of Palmeiras, the biggest national champions, after Botafogo opened up a 13-point lead.
Despite all the suffering of that campaign, it was clear that Botafogo had become a different club. With the potential for major investment and a renowned manager, given that one of the main driving forces behind the formation of a strong team last season was Portuguese coach Luís Castro, who left the Glorioso to coach Cristiano Ronaldo and co. at Al-Nassr.
The numbers also reflect this change in attitude. Winning in Brazilian football has become a matter of honour for John Textor after what he experienced in 2023, including denouncing an alleged - unproven - manipulation scheme as a decisive factor in losing the national title.
Qualified for the 2024 Copa Libertadores and with very high pretensions, the American businessman made good on his promise to be aggressive, pouring R$347.35 million into the market. The highlights were the arrivals of Thiago Almada, World Cup winner with Argentina in 2022, and Luiz Henrique, the two biggest signings in Brazil's history. Together, they cost around R$244 million.
In addition, Botafogo was one of the Brazilian clubs that signed the most players in the last window, adding eight reinforcements. The squad was rebuilt. And, despite the large investments, most of the new acquisitions arrived at the club on favourable terms, such as at the end of their contracts. A scouting operation that included signing players from Brazil, South America, the United States, Europe and Asia.
A single objective
It's not all celebrations at Botafogo. The billion-dollar debt continues. Actions will have to be taken in order for the club to balance its scales. But right now, Glorioso is indeed Glorioso. The goal for 2024 is to be champions. There is no other ambition within the club. All efforts are focused on cups.
And on the pitch, under the command of Portuguese coach Artur Jorge, the team has been performing in favour of this goal. After 51 years, Botafogo are back in the semi-finals of the Libertadores. And they have a great chance of reaching the final. In the Brasileirão, despite being chased by Palmeiras, the team of 2024 is more solid and has enough qualified players to ensure that the loss of momentum this time is less likely.
Everything that could be done has been done. And John Textor hopes to finally enjoy glory in Brazil. His Botafogo has been making headlines, and this story deserves to be followed closely. One of the great highlights of Brazilian football in recent years and one that could also consolidate SAFs as a path of no return in the country of football.
