Santos councillors oppose SAF talks as Teixeira’s tenure nears end | OneFootball

A group of Santos councillors has issued a note opposing the club’s proposed SAF project, which is set to be presented by Marcelo Teixeira’s administration.

According to Globo.com, SDC Sports, which is seeking to acquire the club’s SAF, is due to present its plan to councillors and the Management Committee on 31 August.

The document, signed by 37 members, argues the plan is arriving at the eleventh hour, with Teixeira’s term ending in December. It cites liabilities surpassing R$ 1 billion during the current administration and insists the SAF should not be used as an electoral device. The note says its authors will attend the meeting and oppose the proposal.

Last week, Santos announced it had signed a non-binding term sheet with US company SDC Sports setting conditions for a potential sale of the SAF. Any deal remains subject to approvals in the Deliberative Council and a General Assembly before advancing to a definitive proposal.

Over the past five months, both parties completed due diligence to assess each other’s financial health, with a positive outcome for both sides. In February, the offer outlined R$ 1 billion to invest in football and R$ 1 billion to pay debts in exchange for 80% control.

For any binding offer to be accepted, Santos must first finalise statute reforms allowing a majority sale of shares, a process not yet completed. Members would then vote at a General Assembly to ratify the changes.

Source: Globo.com

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