Vasco make call on Crefisa loan deal

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Papo na Colina

·7. Oktober 2025

Vasco make call on Crefisa loan deal

Vasco da Gama has altered the terms of the loan agreement with Crefisa, reducing the SAF share offered as collateral in the financial operation from 20% to 10%. The change was made following a recommendation from the Joint Judicial Administration and was accepted by the financial institution.

The total loan amount is R$ 80 million, and the other conditions of the contract remain unchanged. According to a petition sent this Monday (6th), the new structure provides for the fiduciary alienation of 10,000 class A common shares, belonging to CRVG, equivalent to 10% of Vasco SAF's share capital.

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Pedrinho, president of Vasco, and Leila Pereira, president of Palmeiras — Photo: Anderson Romão/AGIF

The document highlights that these shares are part of the association's non-current assets, which makes judicial authorization necessary, according to article 69-A of the Judicial Recovery Law (11.101/2005).

In a section of the document, the club details:

“Thus, the guarantee to be offered for the financing sought by the RECOVERING PARTIES will correspond to the establishment of a fiduciary alienation of 10,000 (ten thousand) class A common shares, free and clear, owned by CRVG, representing 10% (ten percent) of the share capital of VASCO SAF. These shares are part of CRVG's non-current assets, which is why the establishment of the guarantee requires judicial authorization, pursuant to art. 69-A of Law No. 11.101/2005.”

Vasco stated that the renegotiation was done “in manifest good faith,” seeking to avoid any future questions about the validity of the contract. The petition also requests authorization to deliver, in a sealed envelope and under judicial secrecy, the new version of the updated contracts with changes in the guarantee clause.

The choice of Crefisa was made after a competitive process opened by the club to define the financial institution responsible for the R$ 80 million credit, which will be used to pay salaries, strategic suppliers, and labor and tax obligations.

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Vasco flag in São Januário — Photo: Matheus Lima/Vasco

Vasco plans to use R$ 70 million still in October — with R$ 30 million released immediately once judicial authorization is obtained, and another R$ 40 million by the 26th. Two other installments, of R$ 5 million each, are expected to be transferred in the following months.

With this plan, the club estimates a total cost of around R$ 170 million to maintain its operations until the end of the year.

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This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.