Vasco, Marcos Lamacchia seek court go-ahead for SAF auction, what's left?

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·25 August 2026

Vasco, Marcos Lamacchia seek court go-ahead for SAF auction, what's left?

Negotiations for the sale of Vasco’s SAF to businessman Marcos Lamacchia have entered a holding pattern pending authorization from the Rio de Janeiro Court. The investor, who was seen last Sunday at Allianz Parque wearing Vasco’s jersey, reiterated that all the terms are aligned and is only waiting for the judge’s ruling to begin the formal bidding process:

“We’re waiting for the court to authorize the auction so we can transform Vasco. For now, that’s all I can say.”

The main obstacle at the moment is authorization from Judge Simone Gastesi Chevrand, head of the 4th Business Court of Rio de Janeiro. Behind the scenes at São Januário, club officials and the investor’s representatives have expressed perplexity at the delay in publishing the notice, since the club has already filed multiple formal requests to open the bidding process.

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To support her decision, the judge had made progress conditional on opinions from the Public Prosecutor’s Office (MPRJ), the Judicial Administration (AJ), and the gatekeeper — the oversight role currently held by former state attorney general Eduardo Gussem. Both the Public Prosecutor’s Office and the Judicial Administration have already issued formal opinions in favor, leaving only the final statement from the overseer for the process to move forward.

+ Big money on the table: Lamacchia plans to advance up to R$ 75 million in Vasco’s judicial reorganization; see the figures

How the bidding for Vasco’s SAF will work

The acquisition project led by Almirante Participações, the company managed by Marcos Lamacchia, will serve as the binding reference proposal and minimum benchmark in the competitive UPI Equity process. The rules of the procedure provide for:

Opening of the auction: Other interested parties and international funds may submit higher offers in the bidding process;
Right of first refusal (matching rights): If a higher offer emerges, Lamacchia will have the contractual prerogative to match the highest amount;
Declaration of the winner: If no third party submits a higher bid, Almirante Participações’ proposal will be judicially approved as the winner;
Vasco’s institutional process: After the legal phase is concluded, the sale will be submitted to the internal bodies of the membership-based club, going through a vote by the Deliberative Council and the sovereign approval of members at the General Assembly.

Final sale would end Vasco’s search for loans

Vasco’s leadership argues that the swift conclusion of the SAF sale is the only sustainable path to stop the club’s chronic cash crisis. The board maintains that, with the definitive inflow of investment funds, the club would gain immediate liquidity, ending its dependence on intermediary credit operations such as DIP financing and ensuring timely compliance with its Judicial Reorganization obligations.