According to Peter Upton's site,
A very nice variation this one. Made under licence in Brazil. The small Subbuteo logo, and the circular box picture date this set to the late 1970s. I don't really know anything else about it, but if you look at the interior illustration above, you should see that the pitch has the Pelebol logo, the goals are a simplistic moulded plastic affair, and three of the flags are in reverse colours - i.e. green flags on orange bases. Most strange.
I've been told that there were six kits sold with Pelebol, and having now seen a couple of boxed editions it would appear that you could get any two of these sides in these sets.
A very interesting as well as quite uncommon set, even though this one isn't in the best of conditions.

Outside of box

Inside of box

The two teams available

The goals and some of the flags

The pitch (seems to be of better quality than the nylon version)

Team #1 - Flamengo (moulded players and the white blop showing on some figures' feet is glue reside from having to reglue them)

Team #2 - Santos (the goalkeeper is not the one that was included in this set, but rather a common HW one).

Close-up of figures

Side of box showing the team colours available inside

The manual (A3 size folded in four)



