Vasco get court green light to auction 90% of SAF, map next steps | OneFootball

The restructuring process of Vasco reached its most anticipated milestone in court with the formal authorization for the sale of 90% of the shares of its SAF. In a ruling signed by Judge Simone Gastesi Chevrand, of the 4th Business Court of the Capital District, the Judiciary authorized the raising of a DIP loan worth R$ 150 million and ordered the immediate opening of the competitive process among investors. The closed hearing for the opening of the envelopes containing the official proposals was scheduled for 2 p.m. on September 25.

To compete for the acquisition of the isolated productive unit, any potential bidders will have to prove immediate financial solvency before the judicial authorities. Interested groups will need to meet strict economic qualification criteria, including the presentation of bank guarantees with full liquidity to cover all debts subject to the sports institution’s judicial recovery plan.

+ Vasco SAF: Almirante strengthens bid and offers a R$ 324 million guarantee

Base offer and billion-real figures

The structure established by the judge positioned the bid from Almirante Participações e Empreendimentos S.A., led by businessman Marcos Faria Lamacchia, as the stalking horse in the auction for Vasco’s SAF. The financial plan provides for a direct investment of R$ 500 million earmarked exclusively for the professional and youth football departments, in addition to the settlement of budgetary obligations that raise the total transaction to a level close to R$ 3 billion, granting the original investor the legal right to match any higher competing offer.

If no alternative proposal meets the requirements of the bidding rules at the scheduled hearing, the competent court will declare the final award in favor of the original bidder. Once the court phase is concluded, the share transfer process will move to the club’s internal statutory sphere, requiring the convening and approval of the Deliberative Council and subsequent ratification by the membership at an Extraordinary General Meeting.

Lamacchia wants to buy Vasco SAF – Photo: X account of journalist Diogo Dantas/O Globo

Family relationship investigation and review at Vasco

In parallel with the court proceedings, the National Football Regulation and Sustainability Agency (Anresf) has opened a confidential procedure to oversee the regulatory compliance of the sale of Vasco’s SAF. The technical review focuses on the merits of a possible ownership conflict stemming from the fact that Marcos Lamacchia is the stepson of Leila Pereira, president of Palmeiras, assessing its framing under Article 86 of the financial sustainability rules, which prohibits the control or significant influence of the same party over clubs competing in the same championship.

The Cruz-Maltino board received the notification with institutional calm and is already preparing the necessary documentation to comply with the requests made by the sports regulator. The businessman’s representatives have already expressed full willingness to accept any governance measures or safeguards requested by the entity, maintaining a climate of total confidence behind the scenes at São Januário regarding a favorable outcome for the transaction.

Lamacchia, Leila and Admar – Photo: X Atenção Vascaínos

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