Brazilian football clubs on the verge of “burning the ships” – effectively meaning that foreign owners can enter the country

Many Brazilian clubs are struggling with unhealthy balance sheets and debts keep mounting.

Brazil is the only country among the 10 biggest leagues in the world without a professional league body.

Botafogo has began to abandon the non-profit entity status, owned by members, to “Sociedade Anônima”, which is similar to ownership structures prevalent in European football.

Investors from all over the world are looking at the club to see if they should be part of the future ownership and settle debts.

The Brazilian government is playing an active role by providing a legal framework that hands clubs different benefits if they modernize their ownership-status.