To pay overdue wages, board sought help from Casares fund, says portal | OneFootball

To mitigate serious cash flow problems and pay overdue salaries registered under labor law (CLT), São Paulo turned to the Credit Rights Investment Fund (FIDC) managed by Galápagos.

The information was reported on the morning of this Tuesday (22) by the portal UOL.

The credit operation advances the club’s future revenues — such as broadcasting rights fees, sponsorships, and naming rights — subject to operating costs and interest.

Structured during the administration of former president Julio Casares, the fund works as an emergency alternative to raise money from investors and inject liquidity into the club’s finances.

In addition to raising funds through the FIDC, Tricolor has expanded its use of bank credit in recent months, turning to financial operations with other institutions, such as Tricury and Daycoval, to cover immediate operating expenses.

The board’s biggest hope, however, is the signing of the agreement with Ticketmaster to become the new company responsible for ticket sales and the Supporters’ Membership program. With a vote scheduled for the 29th (Tuesday), the deal could bring R$ 140 million in advance to São Paulo’s coffers.

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