Vasco loan deal includes clause that blocks SAF sale until 2026 | OneFootball

Details of the DIP financing contract, which Vasco da Gama seeks to approve in court, reveal a crucial clause that directly impacts the future corporate structure of the SAF. To release the loan of R$ 80 million, the creditor financial institution imposed a condition: any change in the control of Vasco SAF until June 2026 will require its prior authorization.

+ Vasco's loan saga gains a new chapter of uncertainty

Creditor will have veto power over the SAF structure

The clause acts as an additional guarantee for the bank. It stipulates that until June 8, 2026, Vasco cannot modify its corporate structure—whether through the sale of a stake in the SAF or the entry of a new investor—without the creditor's approval. In practice, the financial institution gains veto power over any abrupt changes in the command of Vasco's football operations.

Measure aims to ensure corporate stability

The purpose of the requirement is clear: to guarantee the bank the stability of the club's governance while the loan is in effect. The creditor seeks to protect itself from any change in control that could jeopardize the ability to repay the financing. In practice, the measure "locks" Vasco's autonomy to negotiate its SAF over the next two years, ensuring the financial partner that the scenario it analyzed to grant the credit will not change without its permission.

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