Vasco’s battle for RJ: Club’s plan to secure CNDs and recover

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·29 de octubre de 2025

Vasco’s battle for RJ: Club’s plan to secure CNDs and recover

Vasco da Gama has taken two crucial and simultaneous steps to secure the final approval of its Judicial Recovery Plan (RJ). The club submitted a detailed report to the courts regarding the status of its Debt Clearance Certificates (CNDs) and, at the same time, offered new and robust guarantees to the National Treasury Attorney’s Office (PGFN) to expedite a tax settlement.

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The obstacle of the Debt Clearance Certificates (CNDs)

For the plan approved by creditors to be ratified by the courts, Vasco needs to prove its tax compliance through the CNDs. The club reported in the proceedings that Vasco SAF has already submitted the federal and state certificates, awaiting only the municipal one, which is expected by November 10.

The associative club (CRVG) is still negotiating a new installment plan for its federal debts with the PGFN in order to obtain the remaining certificates. In light of this, Vasco made an important request to the judge: that the plan be ratified even without all certificates in hand, an argument that has already been accepted in cases involving other clubs, such as Cruzeiro and Avaí. The goal is to begin payments to creditors without further bureaucratic delays.

Million-dollar guarantees to seal the tax agreement

At the same time, Vasco presented a new and aggressive proposal to the National Treasury to establish an individual settlement. To secure the agreement, the club increased its guarantees, offering assets valued at over R$ 340 million. The proposal includes:

50% of the economic rights of the professional squad players;
10% of the TV rights from Liga Forte União (2026 to 2030).

These assets are in addition to the São Januário and Sede Náutica properties, which had already been presented previously. Vasco argues that the guarantees are “more than sufficient” to cover the tax liabilities, without compromising football operations. The strategy demonstrates the club’s effort to pay its debts, but with “financial sustainability.”