In a letter, Vasco’s board explains reasons to open SAF: entry of partner and financing line | sport business

After a change of position in relation to the club-company, the board of Basque, headed by President Jorge Salgado, sent a letter to internal bodies with the request to move forward with the opening of a SAF (Sociedade Anônima do Futebol). It is the first time that there is interest in this model.

The document was addressed to the presidents of the Deliberative Council and the Council of Beneméritos, respectively Carlos Fonseca and Antônio Frutuoso Peralta. O give obtained a copy of the letter, just three pages long, dated November 29, 2021 and signed by Salgado.

Here are the reasons given by the board in favor of SAF:

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

In an attempt to avoid the early rejection of board members, Vasco’s management cites that historic properties – specifically: Nautica da Lagoa Headquarters, Calabouço Headquarters and São Januário – would be kept under the property of the civil association, the Club de Regatas Vasco da Gama.

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

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Excerpt from a letter sent by the Vasco board to the Club-Company Councils — Photo: Reproduction

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