Vasco open court process for sale of 90% SAF stake to Marcos Lamacchia | OneFootball

Vasco have advanced their SAF restructuring after Rio de Janeiro’s fourth Business Court published a notice for the judicial sale of UPI Equity, representing 90% of the new SAF, with a minimum R$ 650 million investment over five years.

According to Globo.com, Almirante Participações e Empreendimentos S.A., controlled by Marcos Lamacchia, is the stalking horse bidder, lodging an initial offer and holding first-refusal rights in the competitive process.

The funds are earmarked for the first-team squad, the first-team training centre and the academy infrastructure.

Completion depends on SAF corporate reorganisation, pending court agreements and final judicial approval. The judicial sale forms part of Vasco’s debt‑restructuring plan.

Almirante has a binding contract with Vasco and the SAF and can match any higher bid. If another investor prevails and the deal completes, it would receive R$ 50 million.

Obligations include R$ 500 million exclusively for football, R$ 120 million over 10 years for the professional training centre and R$ 30 million within two years for the academy. The investor must also seek tax incentives of up to R$ 150 million over 10 years, keep SAF funds in football, pay no dividends for 10 years and hold the stake for at least 10 years.

The sale will run via sealed bids under the Joint Judicial Administration. The winner must inject R$ 500 million in five annual R$ 100 million instalments, indexed by the INPC, between 2026 and 2030. The deadline to close the operation is 30 September 2026.

Source: Globo.com