Vasco SAF sale process advances as Rio court publishes auction notice | OneFootball

The sale of Vasco’s football operations moved into its phase on Friday as the Rio de Janeiro court published a notice opening a competitive process to sell UPI Equity, equivalent to 90% of Vasco SAF shares.

The notice sets the rules and allows rival bids, including under confidentiality if requested. The first to formalise an offer, Marcos Lamacchia of Almirante Participações sets the minimum price.

"Waiting for the court to release the auction so we can transform Vasco," Lamacchia said to ge.

The court will set the auction date. Lamacchia’s proposal is the baseline as a window opens for competing offers. If no higher bid arrives, control would pass to Lamacchia.

The future controller must invest R$ 500 million solely in football, with R$ 100 million per year for five years, indexed to INPC, for signings, coaches and squad, not for debt.

About R$ 80 million owed on a Crefisa loan will be converted into equity. Facilities funding includes R$ 120 million for the professional training centre over 10 years and R$ 30 million for the academy in the next two years.

There is a target to raise up to R$ 150 million for Club de Regatas Vasco da Gama via tax incentive projects over 10 years. The buyer must cover any operating deficit in the first five years.

Safeguards include an escrow covering three months of judicial recovery costs, taxes and extra-concursal debts, personal guarantees from Marcos Lamacchia and Crefipar, and a 10-year dividend ban with a temporary resale lock-up.

Source: PaponaColina

“Artificial intelligence was used to assist in creating this article based on reporting from the original source quoted.”