Sport is a relevant tool for social inclusion. According to the Federal Constitution of Brazil, it is a State s duty to promote formal and non-formal sporting practices. In addition to providing a healthier life, it creates jobs, provides entertainment and boosts the economy. Sports management, however, is an area of research that is in its childhood, with studies indicating several gaps. In contrast, Brazil saw billionaire investments being directed to sport during the era of sports mega-events, from Rio2007 Pan American Games to Rio2016 Paralympic Games. It has harvested, however, in addition to sporting results lower than expected, financial scandals associated with the lack of governance in sports entities, notably those responsible for public funds management. indicating that Brazilian sport does not suffer from lack of financial investment, but from management and governance issues that hinder the development of its sporting, social and economic potential. Since then, sport stakeholders have started to demand greater adoption of governance practices that could act on sports public funds management. Using Stakeholders Theory as theoretical lens, this study suggests a macro model for governance in the application of public funds for Brazilian sport, based on its stakeholders perceptions, calling attention for current deviations and proposing improvements. Adopting pragmatism as epistemology, whose lens understands that research takes place in a social, historical and political context, data was collected from 16 in-depth interviews done with 14 stakeholder sport groups representatives, as well as during more than 20 sport industry events observed by the researcher between 2018 and 2021, and documentary research. NVivo software was used to support data consolidation, analysis and categorization process. Results indicate that annual public investment in sport, even after sports mega-events era, still amounts to billions that, in stakeholders perception, however, continue to be misdirected, hence, wasted. The suggested model integrates 12 propositions (P) that address issues related to the motivations (P1) and objective (P2) of public funding for sport, the relevance of a national sport centralized strategy (P3), the various funding sources (P7) and the positive example of Brazilian Military Forces model for sports (P12); the barriers of resource imbalance in favor of high-performance sport (P4), waste of resources (P5), concentration of power in managers (P9), critical deficiency of sport evaluation methods and indicators for invested public funding (P6); and the necessary organization of the most salient stakeholders to achieve the constitutional and their own goals for sport development in Brazil (P8). There is also a perception that governance models, in light of the scandals that took place during the sports mega-events era in Brazil, have since begun to be implemented with increasing rigor, to the point that, although the relevance of governance approaches is an unanimous opinion, some stakeholders understand that there are extreme governance actions that end up distorting the role of adequate governance, paradoxically harming sport development and its economic and social potential in Brazil.