Loan could open door for financial giant at Vasco’s SAF | OneFootball

The complex loan operation of R$ 80 million, which Vasco da Gama is trying to get approved in court, could have implications far beyond cash relief. The structure of the deal paves the way for Crefisa, the financial institution expected to grant the credit, to become a shareholder of Vasco SAF in the future. The information comes from journalist Paulo Vinícius Coelho, from UOL.

+ Will Crefisa buy Vasco's SAF? Understand

SAF shares are the operation's guarantee

The central point that allows this maneuver is the guarantee offered by Vasco in the contract. To obtain the financing in the DIP (Debtor-in-Possession) mode, the club placed 20% of the shares it holds in SAF as collateral. The contract provides for a 12-month grace period for the start of payment and full settlement within 36 months, with CDI + 7% interest per year.

This is where the strategic move lies. If Vasco cannot honor the financing payment within the stipulated period, the contract allows Crefisa to execute the guarantee. That is, the company could consolidate the ownership of these shares and, in practice, become a minority partner of Vasco's SAF.

Pedrinho and Leila Pereira – Photo: Social media reproduction

Movement is seen as a "bridge" to control

This possibility turns the loan into a potential "bridge" for Crefisa to fully enter Vasco's football. The company, which already has a history of large investment in Palmeiras, could use this initial participation as a first step to, in the future, negotiate the acquisition of a larger slice or even total control of the operation.

The Judicial Administration, however, has already asked for more details and guarantees from the club before giving the go-ahead for the operation, which is still pending approval.

The key point of PVC's analysis is the timing of the operation. The maturity date of Vasco's loan coincides with the end of Leila Pereira's term, owner of Crefisa, as president of Palmeiras. The journalist's theory is that the operation serves as a "bridge" for the company to migrate its investments.

PVC explained the complex financial mechanics that would be behind the deal. The loan amount, which is guaranteed by 20% of SAF's shares, could become a credit if not paid. This credit would then be used as part of the payment for the acquisition of the 31% slice of SAF that belonged to 777 Partners. The journalist detailed:

The conclusion of the analysis is that the operation was designed to ultimately give Crefisa majority control of Vasco's football. The plan, according to PVC, would materialize from 2028, after the end of the cycle at Palmeiras. The loan, therefore, goes far beyond simple cash relief: it is a chess move that could define the next owner of Vasco's football.

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