By signing an agreement with 777 Partners, Vasco It has taken a big step towards selling a majority stake in SAF, but there are still doubts about the company’s next steps. The incorporation of the company must pass the approval of the partners, who will then appreciate the Americans’ offer of R$700 million in exchange for 70% of the shares. When will the vote take place? How many votes are needed for approval? a General Electric It answers these and other questions.
Jorge Salgado, President of Vasco, and Carlos Fonseca, President of the Consultative Council – Photo: Joao Pedro Isidro / Vasco
- The first step is to agree to the immediate contribution
The US company’s proposal is R$700 million for 70% of SAF, with an immediate investment of R$70 million, which needs to be approved by the Council of Deliberations (CD). This amount is a type of bridging loan that will be deducted from the total amount after signing the binding contract.
The loan is one of the only binding parts of the agreement that President Jorge Salgado signed in Miami. The other is mutual exclusivity during the 90 days in which all political and bureaucratic procedures (due diligence, contract drafting, etc.) are carried out. In that period, no Vasco The US company cannot negotiate with other parties.
Capelo talks about Vasco / SAF
a Vasco He’s working toward a vote this week, but the call still depends on the CF’s opinion. If the document is sent to the deliberation board this Tuesday, President Carlos Fonseca will call a meeting to vote on the loan within 48 hours. If the opinion comes from Wednesday, then the estimate is that the meeting will take place only after the carnival holiday.
From the positive sign of the managers, 777 Partners has one week to deposit R$70 million into the club’s account. However, the parties informally agreed that the transfer would take place the day after the approval. To assess the loan, case Vasco Requires a qualified quorum (minimum of 151 directors) and the approval of two-thirds of those present (101 “yes” votes).
- Discussing the approval of the sale in the consultative council
One discussion that Carlos Fonseca had in mind revolved around the rite of approval for the SAF. Since the regulations do not address the specific fact of a club sale, managers will need to decide on the interpretation in this case. In the Chairman’s understanding, approval is not for CD and it will be up to the General Meeting (AGE) to accept or reject the proposal.
In this case, the role of the Board of Directors will be more in the sense of recommending or disapproving, as is the case with the Finance Board in the matter of opinion on the R$70 million loan. Even if the announcement of the agreement does not indicate approval, it is up to the CD to say yes or no.
Vasco signs agreement with 777 Partners to sell SAF – Image: Disclosure
In any case, for consideration, a qualified quorum of at least 151 directors would be necessary. It is up to the members of the Board of Directors to decide whether the matter will proceed to the EGM even if less than two-thirds of those present do not agree with the proposal.
– There are those who understand that selling is the responsibility of the general assembly, so the deliberation board should not prevent it from reaching the legal age. Unlike the platform, which is proposed by the CD, here the person who is proposing is a third party, so I understand that the role of the CD is just to give an opinion to the partners. But this interpretation is still under discussion. The CD has to decide that there is no specific fact in the statute: whether it will be the last authority to refuse or whether to make a recommendation to approve or not from the AGE – explained Carlos Fonseca.
- The Statute of the Sudanese Armed Forces must be voted on before 777 . is proposed
Another intention of the Chair of the Deliberation Council is for Council members and partners to take two different votes on the SAF in the coming months. The first moment would be to approve the company’s constitution with preconditions, without discussing the American proposal. In this case, the assets are transferred Vasco of the company to be established.
Capello talks about the politics involved in Operation Vasco/SAF
If the deal with 777 Partners is concluded within the next three months, the sale of SAF under the agreed terms will again pass through the general meeting, which may approve the matter by a simple majority of votes.
The Sudanese Armed Forces Act is being drafted by your facea It has three main points: 1) ensuring investment so that The team is fighting back for national and international titles in football, 2) ensuring a debt settlement of R$732 million and 3) maintaining the identity and sustainability of the club without football, which is the historic wage train.
Capello talks about the politics involved in Operation Vasco/SAF – Part 2
One of the conditions already set, for example, is that São Januaro will remain the property of the Civic Assembly. The company’s club, controlled by the new owners, will manage the stadium through a 50-year lease, renewable for another 50 years. However, the amount of rent has not been specified.
Meet 777 Partners, the group that signed a pre-agreement to take over football in Vasco
777 Partners was founded in 2015. Headquartered in Miami, United States, the company invests in various fields: aviation, financial services, insurance, media and entertainment. In football, the company completely bought Genoa, from Italy, and acquired a minority stake in Seville from Spain. There is also interest in buying other teams in Europe and beyond.
777 also has stakes in a company involved in Brazilian football, 1190 Sports, which is responsible for selling broadcast rights to the Brazilian Championship. Still in the football streaming business, the company invests in Fanatize, a live streaming service that primarily shows football leagues for the US market.
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