Vasco face creditor opposition to CNRD plan capped at R$ 10m per year until 2038 | OneFootball

According to Globo.com, Vasco’s SAF faces creditor opposition to its third collective repayment plan at the CNRD at the CBF, proposing payments capped at R$ 10 million per year until 2038. Clubs and agents have urged scrutiny.

The case is advanced, with submissions in the past two weeks, and a ruling could come soon. Vasco has also begun a R$ 10 million payment under a separate collective deal already approved.

Fluminense, Santos and Red Bull Bragantino have challenged the proposal. Agencies including Link, run by agent André Cury, plus OTB and Guadagno Sports, also objected. They question transparency, the lack of guarantees and recent transfer spend, and say the plan understates debt and encourages non-payment.

Key points include no fixed settlement date, indexation only by IPCA without interest, and the annual cap. Creditors want sanctions for default, citing the Corinthians case, such as fines, default interest, revenue blocks and suspension of registrations.

They also contest new entries on the creditor list, noting two principal claims of R$ 316,610.19 and R$ 1,465,311.01 added between February and March 2026, which could dilute distributions.

In a 23 March filing to rapporteur Ana Beatriz Macedo, Vasco said the plan prioritises predictable cash flow and forms part of an advanced restructuring and PGFN talks, targeted for the first half of 2026. It said IPCA indexation, early limits and the absence of individual guarantees reflect court supervised recovery, that recruitment stays within budget, and that feasibility has been tested independently.

Source: Globo.com