Vasco SAF oversight body questions signings and seeks probe into potential conflict of interest | OneFootball

Vasco da Gama SAF’s Conselho Fiscal says the club’s financial position worsened in 2025, raising doubts over execution of the judicial recovery plan and flagging governance shortcomings, including limited transparency around recent player recruitment.

According to Expresso 1923, one of seven creditor claims that Vasco is seeking to contest under the recovery process involves former full-back Max, with the disputed total put at R$ 10.8 million. A judge ordered the court-appointed administrator and prosecutors to respond given the seriousness alleged.

The council referenced earlier concerns over a potential conflict of interest involving Alan Belaciano in the recovery process, noting his prior work for players who sued Vasco and became creditors. Belaciano previously said he had never acted for the club and had not taken part in any agreement with creditors.

The council said it had not seen any inquiry into possible participation of CRVG members with creditors and recorded at a meeting on 18 February 2025 that Belaciano acted as a negotiator for class 1 creditors, a situation it said should have been examined by CRVG’s governance bodies.

The club said it considers the matter closed, stating creditor talks during implementation were led by Alvarez & Marsal and outsourced specialist law firms.

The council highlighted ongoing material uncertainty since 2023, with losses of R$ 88 million, R$ 123 million and R$ 114 million from 2022 to 2024, and that 2025 would have shown a R$ 232 million loss without recovery effects. It said operating and G&A costs rose about 60% year on year.

It warned that outlay on players, around R$ 100 million in 2026, must align strictly with SAF’s financial capacity and clearly identified funding, otherwise it risks undermining liquidity. It criticised a limited level of transparency and said it is not routinely consulted on deals, citing João Victor in 2025 and Rayan Vitor Simplício Rocha in 2026 as exceptions.

Source: Globo.com