Vasco loan saga takes another twist, uncertainty grows | OneFootball

The Judicial Administration (JA) of the Judicial Recovery of Vasco has acknowledged the urgency of the club's request for a loan of R$ 80 million. However, in its opinion, it made a series of demands and criticisms of the way the request was presented. The document, in addition to pointing out an "accelerated erosion" in the SAF's cash, demands more transparency and compliance with statutory rites for the business to advance.

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Opinion confirms the delicate financial situation

The JA's opinion, released by the portal ge, validates the board's thesis that financing is essential. The document reveals that the SAF's cash balance fell from R$ 59 million in March to R$ 17 million in August of this year. The scenario, described as an "accelerated erosion of financial reserves", confirms the need for a capital injection to cover current expenses.

Despite agreeing with the urgency, the JA criticized the absence of a detailed plan for the use of the funds, which is a contractual requirement. The opinion also points out the lack of an independent report that evaluates the 20% of SAF shares offered as collateral. The Public Ministry, in a similar line, had already expressed its rejection of the request, considering the contract not yet celebrated and its terms unknown.

Board lives uncertainty to close the accounts - Photo: Dikran Sahagian/Vasco

Internal approvals are still necessary

Another crucial point raised by the JA is the need for internal approval. The Vasco statute requires that the use of SAF shares as collateral be approved by the Deliberative Council, which has not yet happened.

The vice-president of legal affairs, Felipe Carregal, had already stated that the loan was intended to cover the hole left by the 777 Partners and prevent the sale of Rayan. The final decision, which needs to weigh all these issues, is now in the hands of the court.

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