Santos awaiting binding offer from United States group Saint Dominique for SAF sale | OneFootball

Santos is awaiting a binding proposal from United States group Saint Dominique to proceed with a sale of its SAF.

According to Globo.com, in February a non-binding proposal offered R$ one billion and full assumption of the club's estimated R$ one billion debt for 80% control. Approval of that outline enabled due diligence to start. Such offers express interest without firm obligations.

Due diligence began in early March to verify financial data and ended weeks ago. The club also checked the fund's capacity for a major investment.

A binding offer carries firmer commitments, typically setting out price, timetable, subject of the deal and conditions.

To accept any binding offer, Santos must first complete statute reform to permit a majority sale. That process is unfinished, then members would vote in a General Assembly.

Saint Dominique is a United States-based private fund backed by the Colombian Santo Domingo family fortune. One founder is Lauren Santo Domingo. The family owns Grupo Valorem, controlling TV Caracol, holds AB InBev shares and 10% of the Washington Commanders.

The family says it is not directly involved, and any sale would place management with professionals, not figures such as John Textor at Botafogo or Pedrinho at Cruzeiro. The proposal includes vetoes to protect Santos' identity, covering name, anthem, core kit colours and location. The Colombians are expected to visit Brazil in the coming months to view the club's facilities.

Source: Globo.com

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