Benfica block US fund’s purchase of 16.38% SAD stake citing statutes clause | OneFootball

Benfica have blocked the sale of José António dos Santos’s 16.38% stake in the club’s SAD to US fund Entrepreneur Equity Partner. The deal had been agreed between the parties but met opposition from the Benfica hierarchy.

According to Bloomberg, the club invoked a statutes clause on competition and potential conflicts of interest, as the fund led by Tim Leiweke holds investments in other European sports organisations. The outlet added that talks could yet continue because the fund does not seek any role in the SAD’s management.

A central concern is the group’s connection to Venezia in Italy, where the fund is the principal shareholder. In the view of Benfica’s leadership, that link makes an investment in the Benfica SAD incompatible.

The agreement to purchase dos Santos’s position was made public in April and the price was understood to be around 12 euros per share.

The decision to block the transaction has been communicated to both the fund and the Portuguese businessman. In 2021, Benfica used a similar mechanism to prevent John Textor from becoming an investor.

Source: Glorioso 1904