After confirming the sale of SAF shares to US company 777 Partners, Vasco is awaiting board members’ approval to make the investment.
While a section of the crowd is still excited for Vasco to be the “new billionaire” in Brazil, some remain against SAF, such as Daniele Favato. (see photo gallery below)
Daughter of former striker Romario.
On his official Twitter profile, Daniels spoke out against the sale, laughing at the investment, saying the episode is “cardboard.”
“What a piece of cardboard, more than half of the money they’re going to invest in Vasco doesn’t go to the club, but is there for those little guys”, he remarked.
On the afternoon of last Monday (21), Vasco sold 70% of its SAF to 777 partners. The American company, with this, will pay about $700 million, with immediate investment.
The proposal, which is still a pre-agreement, values SAF at R$1.7 billion, which is added to the fact that the company assumes the club’s debts.
Vasco’s official note
“Club de Regattas Vasco da Gama and 777 Partners announce that they have signed a Memorandum of Understanding for Vasco da Gama’s investment in football.
The North American investment company’s non-binding proposal is to invest $700 million in Vasco da Gama Sociedade Anima do Ftbol (“Vasco SAF”) in exchange for a 70% interest to be incorporated. Including a R$700 million loan to be taken over by Vasco SAF, the SAF is valued at R$1.7 billion, making it the largest transaction in the history of Brazilian football.
777 Partners agreed to provide CRVG with a BRL 70 million bridge loan convertible into Vasco SAF shares at the conclusion of the transaction.
During the 90-day period, 777 Partners will perform a confirmatory due diligence to finalize the investment, which will still be subject to the approval of CRVG Partners at the General Meeting.
The transaction will help Vasco regain its leading role in Brazilian and international football. 777 Partners will act as long-term strategic partners to enable Vasco’s ambitious plans and sustainable future.
Vasco SAF will be 777 Partners’ core investment in South America, and Vasco will use the 777 companies’ network to modernize the club with new media technologies, data access for broadcast and talent identification.
CRVG will transfer its football assets and hand over the right to use the So Januario stadium to SAF, while retaining ownership of its headquarters: Calabouco, Lagoa and the Complexo de So Januario.
SAF will create the conditions for Vasco’s football for its high sporting performance and the long-term stability of CRVG, and the club will be able to increase its investments in the Olympic and Paralympic Games.
“We are proud to announce the biggest deal in the history of Brazilian clubs. We have worked tirelessly over the past few months to find a long-term partner with the financial and operational capability to become a football giant in Brazil and South America. We shared our ambition to transform Vasco as a future, winner, sustainable and debt-free, everything our immense supporters want”, says Jorge Salgado, President of Vasco da Gama.
Amidst several investments in sports, entertainment and media, 777 Partners recently acquired full ownership of Genoa CFC, Italy’s oldest football club, and also owns a substantial part of Sevilla FC, one of the most prestigious football clubs in Spain. .
Josh Wander, Founder and Managing Partner, 777 Partners, said, “We are extremely excited and proud to have the opportunity to join the incredible team of Vasco da Gama. “We have great respect for Vasco’s rich history of success and his pioneering role in supporting social inclusion in Brazilian sport. We look forward to investing in a city that has the best talent pool in the world, In a country where we live and breathe football, just like we do.”