Vasco and 777 Partners make official contract for the sale of 70% of the club’s SAF

Representatives of Vasco da Gama and 777 Partners announced the completion of the agreement for the sale of 70% of the club’s SAF (Sociedade Anônima do Futebol).

Under the agreement, the US private equity firm will pay BRL 700 million for SAF, in addition to SAF taking on up to BRL 700 million in debt from the São Januário club.

The next step is for the proposal to be evaluated by the Study Commission of the Deliberative Council (CD). It will then be taken to the vote of the CD and, ultimately, to the Extraordinary General Meeting (AGE).

The expectation is that the contract will be signed by July so that the club receives a financial injection and has time to reinforce the current squad for the sequel to the Série B of the Brasileirão.

Read the official statement released by the parties below:

Vasco da Gama and 777 Partners inform that after four months of work, the Due Diligence was concluded with the agreement between the parties of the pre-agreed terms in the memorandum of understanding signed last February, whose main points are the sale to 777 Partners of 70% of the shares of the future Vasco SAF for R$ 700 million and the assumption by SAF of up to R$ 700 million of debts from CRVG.

The contracts are being signed between Brazil and the United States. Subsequently, they will be delivered to the Study Commission of the Deliberative Council for analysis and issuance of an opinion that will be taken to the Deliberative Council for appreciation. Ultimately, the members of CRVG gathered in the General Assembly will make the decision to approve or not the transaction.

Source: MKT Esportivo