Crucial ruling: court sets 4 Sept for Vasco SAF loan and auction

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·26 August 2026

Crucial ruling: court sets 4 Sept for Vasco SAF loan and auction

The financial restructuring process of Vasco and the talks for the sale of control of Vasco SAF have picked up pace, following a tight schedule set by the Rio de Janeiro Court. In a new ruling issued this Wednesday (26), the 4th Business Court established that the review of the new DIP (Debtor-in-Possession) financing of R$ 150 million and the procedures for the auction of the UPI Equity (the share package of Vasco’s football operation) must be completed without fail by September 4, 2026.

The setting of a deadline directly addresses the need to avoid sporting and operational losses for the club association and Vasco SAF, given the imminent closing of the CBF transfer window. To make completion within the deadline possible, the court ordered the club’s board to grant full and unrestricted access to its accounting books, bank statements, contracts, and financial projections to the bodies overseeing the process.

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With the documentation in hand, the Judicial Administration (AJ), the supervising expert (watchdog), and the monitoring administrator (gatekeeper) will have to submit a joint report by September 2. After that, the case files will be urgently sent for a statement from the Public Prosecutor’s Office (MPRJ) before the judge’s final ruling.

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What does the decision mean in practice for Vasco fans?

In simple terms and without legal jargon: the court did not immediately release the money or finalize the sale of Vasco SAF, but it created a “fast track” to resolve everything within a few days.

In practice:

The R$ 150 million loan has neither been rejected nor approved today; it has entered expedited review;
The sale process to Marcos Lamacchia (of Almirante Participações) is continuing to move forward normally;
The court tied down all deadlines so that Vasco does not miss the transfer window while waiting for bureaucratic reports.

Court orders publication of a public notice for Vasco SAF

The most significant part of the judicial decision involves opening the market for the purchase of Vasco’s football operation. The court has already ordered the immediate publication of a broadly circulated notice in major media outlets and on social media announcing that the sale of the controlling stake in Vasco SAF is close to happening.

The measure is intended to provide full transparency and ensure the fairness of the bidding process. With this public announcement, other domestic or international funds and investors interested in taking over the club may formally register in the case records — including under corporate confidentiality, if they prefer to protect their business strategies.

The formal proposal submitted by Marcos Lamacchia’s company remains valid and will serve as the minimum bid in the dispute, while retaining the prerogative to top any competing offer that may arise.

Official timeline set by the court for Vasco

August 26 (Wednesday): Publication of the decision that unlocks the expedited procedure and orders public disclosure of the Vasco SAF notice;
By September 2 (Wednesday): Final deadline for the Judicial Administration, Watchdog, and Gatekeeper to deliver the joint technical report on the loan;
Immediately afterward: Review and formal opinion by the Rio de Janeiro Public Prosecutor’s Office;
By September 4 (Friday): Completion and final court ruling on the DIP loan and the sale proceeding involving Vasco SAF’s UPI Equity;
In parallel: Public disclosure in the media for the registration of new competitors for the auction.

The court’s decision balances technical rigor and sporting urgency: it increases oversight, expands transparency to ward off challenges from competitors, and imposes speed to unlock Cruzmaltino’s financial future.