Court publishes notice, opens competitive process for Vasco’s SAF sale | OneFootball

The court published on Friday the notice setting rules for a competitive sale of Vasco’s SAF, via disposal of UPI Equity, equivalent to 90% of the share capital.

The notice opens the process to rival bids, with Marcos Lamacchia’s offer establishing the reference floor. Other investors may submit proposals, including confidentially.

"I am eager for the auction to start," Marcos Lamacchia said, adding that he is awaiting court clearance to "transform Vasco". The comments were made to ge.

The terms require R$ 500 million for football, paid in annual R$ 100 million tranches indexed to the INPC, exclusively for football operations and not for debt.

The plan turns Banco Crefisa’s DIP, about R$ 80 million net, into equity, and the future controller must fund obligations in the judicial recovery.

The controller must keep Nova SAF’s cash flow balanced for five years, covering operating costs and necessary investments if revenues fall short.

Infrastructure commitments are R$ 120 million for the first-team training centre over 10 years, R$ 30 million for the academy over two years, and up to R$ 150 million via tax incentives for the associativo over 10 years.

Extra injections are required if Nova SAF lacks cash for recovery, taxes or investments, without diluting the controller’s stake. An escrow covering three months of obligations must be maintained and, if needed, replenished within 20 business days. Shares are subject to lock-up and dividends banned for 10 years. If no higher bid advances, his offer proceeds.

Source: Globo.com

“Artificial intelligence was used to assist in creating this article based on reporting from the original source quoted.”