February 8, 2023
In a letter, the Vasco Board of Directors explains the reasons for opening the SAF: Partner Entry and Funding Line |  sports business

In a letter, the Vasco Board of Directors explains the reasons for opening the SAF: Partner Entry and Funding Line | sports business

After changing his position in relation to the club company, the board of directors Basque, headed by President Jorge Salgado, sent a letter to the internal bodies with a request to proceed with the opening of the SAF (Sociedade Anônima do Futebol). It is the first time there has been interest in this model.

The document was addressed to the presidents of the Council of Deliberations and the Council of Penmeritos, respectively Carlos Fonseca and Antonio Fruttuoso Peralta. NS Give We obtained a copy of the letter, dated November 29, 2021 and signed by Salgado, dated only three pages.

The reasons given by the Board in favor of the SAF are as follows:

  • Vasco could issue football bonds, IOUs, a mechanism that would allow the club to raise money in the financial market at interest rates lower than those available at the time
  • Vasco can sell a portion of this company, SAF, to third parties. In the document, the board mentions the entry of “new shareholders”, without mentioning the amounts or percentages involved in the transaction

In an effort to avoid early rejection of board members, Vasco management cites that the historic properties – specifically: the Nautica da Lagoa headquarters, Calabouço headquarters and São Januário – will remain under the ownership of the civic association, Club de Regatas Vasco da Gama.

SAF will receive all of Cruzmaltino football’s assets: commercial rights, professional player contracts, etc. The club company will initially be managed by the association itself, CRVG, and will only have third party involvement in the event of a partial or total sale.

Excerpt from a letter sent by the Vasco Board of Directors to the Club-Company Boards – Photo: Reproduction