After four months of negotiations, Vasco and 777 Partners finally reached a final agreement to sell 70% of the club’s SAF. The hundreds-page document was finalized Tuesday night.
+ 777 Out of R $ 70 Million Loans: See Expenses
The agreement is now in the process of being signed between Brazil and the United States, and will be sent to a special commission in Vasco to analyze the proposal before it is voted on by the Consultative Council and the General Assembly. The parties are confident that this process will be completed by mid-July.
Josh Wonder, partner at 777, and Vasco president George Salgado on his way to Maracana in March – Photo: Thiago Ribeiro / AGIF
In a note published this Tuesday, Vasco said: “Dave Delegans concluded the Memorandum of Understanding signed last February with an agreement between the parties to the terms of the agreement, the key points of which are the sale of 70% of the future shares to 777 partners. Vasco Assumption of SAF and CRVG loans up to BRL 700 million SAF up to BRL 700 million”
+ See Seri B table
After the proposal is formalized, after the signatures, the special commission of the advisory council comes into action. The 15-member group, led by Vasco’s second vice-president, General Roberto Duke Estrada, will be responsible for approving or disapproving the sale of 70% of the club’s SAF to the American group. They will have up to 15 days to submit an opinion (extended for another 10 days).
Rodrigo Capello explained to Vasco Vision 777: “Becoming the jewel in the crown of Latin America”
Opinions are the starting point for convening a meeting of the Advisory Council and voting for partners in the General Assembly. By law, there must be a five-day break between calling and voting in DC. In case of AGE, this period is 10 days.
+777 hired city executive to command football, and Vasco celebrates: “brilliant”
Although the final word is that of partners (ie, with or without EGMCD approval), there is no possibility of a simultaneous call. Therefore, the AGE will be convened only after the meeting of the Advisory Council. These are the key deadlines that Vasco must honor once the proposal is formalized:
- Special Commission opinion – up to 25 days
- Convocation of the Advisory Council – 5 days
- AGE Call – 10 days
+ Vasco da Gama, Roberto is hospitalized for treatment of dynamite infection.
Maurício Souza commented on the timing of the agreement with Vasco and the relationship with 777.
In the case of the General Assembly, before the final call, President Otto Carvalho is required to chair a Board of Reflections, which analyzes the situation of the partners and closes the list of eligible voters. Gives. Since then, members have five days left to challenge and two more days to analyze the challenges. This process can happen from now on. Therefore, it should be finalized before the opinion of the Commission headed by Duke Estrada.
The haste to terminate the deal is related to the opening of the transfer window on July 18 – it will remain open until August 15. With Vasco Football in the hands of the 777 so far, more investment is expected to strengthen the team for the second round of Serie B.
+ Read more news from Vasco
Watch Josh Wonder’s interview with Ge in February
In addition, given The club has already spent R 70 million on the loan. Was created by the company last March and, as the Financial Council alerted, “needs to generate short-term cash, aimed at assuming and programmed commitments over the coming months.” Is in the process of being completed. ” Vasco is currently working with its own resources.
Want to turn your football knowledge into cash prizes in every era of Brasileirão? Access Cartula Express!
The agreement provides for an investment of 777 R $ 700 million in Vasco within three years. After providing 70 million BRL through Bridge Loan, the company is committed to investing another 120 million BRL immediately after the approval of the partners at the general meeting.
777 owns three clubs in Europe: Genoa (Italy), Standard Lage (Belgium) and Red Star FC (France). In addition, the group has a minority in Sevilla.
+ Let’s go to Brazil! The biggest game offering for a price that the game offers. Subscribe to Premier!
Look at all Vasco on ge, globo and sportv: