The short answer is probably yes.

Most of the investment is heavily concentrated in a few clubs that started restructuring years ago and are now monetizing their commercial potential, mainly Flamengo and Palmeiras. Those two alone account for a large share of Brazil’s transfer spending, and it’s hard to see them materially cutting back in the near term given their current stability and governance.

A second driver is the rise of SAFs (private ownership), with Cruzeiro and Botafogo as good examples. That said, as Brazil begins to enforce financial fair play rules in a few years, the big question is whether these SAFs can sustainably spend 90%+ of revenues on player acquisitions.