Oh Vasco And 777 Partners, a company based in Miami, USA, have announced a deal to invest in a football club from Rio de Janeiro.
The US investment firm is proposing to invest $ 700 million in exchange for a 70% stake in Vasco’s Sociedad Anonymous (SAF). The SAF is valued at R $ 1.7 billion, including an estimated R $ 700 million in debt.
Vasco and 777 Partners signed a Memorandum of Understanding for Vasco SAF.
– வாஸ்கோடகாமா (ascVascodaGama) February 21, 2022
“We are proud to announce the biggest deal in the history of Brazilian clubs. We have worked tirelessly to find a long-term partner with the financial and operational ability to share our ambition to replace Vasco as a giant company. It will be the zero point of the future, the winner, the stable and without debts, all that our enormous supporters want, “said George Salcado, President of Vasco.
777 shareholders agreed to convert the club into a R $ 70 million bridge loan, which was converted into Vasco SAF shares at the end of the transaction.
Within 90 days, 777 partners will make a concerted effort (Business Opportunity Analysis) to finalize the investment, subject to the approval of Vasco’s partners at the general meeting.
Of the various investments in the sports sector, 777 partners recently acquired full ownership of Genoa from Italy, and Sevilla currently holds a significant stake in second-placed Spanish champions.
“We are delighted and proud to have the opportunity to join Vasco da Gama’s incredible team,” said Josh Vander, founder and managing partner of 777 Partners.
“We have immense respect for Vasco’s successful history and his pioneering role in supporting social integration into the Brazilian sport. We look forward to investing in a city that has the best talent in the world, in a country that lives and breathes in the world. Football like us,” he added.
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