Vasco director on multi-million loan: "Collateral isn't value" | OneFootball

Vasco da Gama detailed the complex financial engineering behind the R$ 80 million loan agreed with Crefisa. The operation, essential for cash flow, resulted from extensive market competition and includes important clauses, such as using 20% of SAF shares as collateral and a lock on the sale of corporate control until 2026.

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VP explains the need for the loan

The legal vice president, Felipe Carregal, explained that the loan was already foreseen in the Judicial Recovery. According to him, the move is essential to balance the cash flow, which was severely compromised by “irresponsible debts” left by 777 Partners. The operation was therefore crucial for the club not to have to sell important assets, such as the forward Rayan, to pay day-to-day expenses.

Carregal also justified the choice to use 20% of SAF shares as collateral. The decision, according to him, was strategic to not compromise future operational revenues, such as TV quotas and sponsorships. He made a point of demystifying the operation, stating that the collateral does not represent a sale or an evaluation of the club's value. He declared:

Club conducted competition with 60 institutions

President Pedrinho revealed to the ge portal that the agreement with Crefisa was closed after a competitive process involving more than 60 financial institutions. According to the leader, the company of Leila Pereira and José Roberto Lamacchia presented the best conditions among the five firm proposals received.

One of the commitments made by Vasco in the contract is maintaining corporate stability. A “covenant” clause stipulates that the club cannot modify the SAF control structure until June 8, 2026, without prior authorization from Crefisa. The club sees the requirement as “normal,” since the creditor needs assurance about who will receive the payment.

Carregal, Pedrinho, and CEO Carlos Amodeo – Photo: Dikran Sahagian/Vasco

Operation still depends on court approval

Despite the agreement between the parties, the operation still requires court approval, as Vasco is in Judicial Recovery (RJ). The Judicial Administration (AJ) opinion, although recognizing the urgency, pointed out the need for more details and the approval of the Deliberative Council. The Public Prosecutor's Office had also expressed opposition to the request.

Vasco details the release schedule

Vasco already has a schedule for using R$ 70 million of the loan still in 2025. According to the Podcast Cruzmaltino, the first installment of R$ 30 million would be released immediately after court approval. Three other installments (R$ 40 million, R$ 5 million, and R$ 5 million) would be released between October and December to keep operations up to date.

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