Vasco and Partners 777 finalize the contract, and the proposal begins to be analyzed by the commission | vasco

After four months of negotiations, Vasco and 777 Partners finally reached a specific 70% SAF sales agreement for the club. The document, consisting of hundreds of pages, was completed Tuesday night.

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The agreement is now in the process of being signed, between Brazil and the United States, and will be submitted to the Special Commission set up in Vasco to analyze the proposal, before being voted on by the Negotiating Council and the General Assembly. The parties believe the process will be completed by mid-July.

Josh Wander, 777 ally, and Jorge Salgado, Vasco president, en route to Maracanã in March – Photo: Thiago Ribeiro / AGIF

In a letter published this Tuesday, Vasco announced that “Diligence concluded with an agreement between the parties to a previously agreed terms of agreement in a memorandum of understanding signed last February, which contains the main points of sale for 777 Partners of 70% of future shares. Vasco SAF to 700 million BRL and SAF concept of up to 700 million BRL of CRVG debt“.

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With the proposal formalized, after it is signed, the Special Commission of the Negotiating Council begins work. A 15-member group led by Roberto Duque Estrada, Vasco’s Second Vice President, will be responsible for providing positive or negative feedback on the sale of 70% of SAF club clubs to the American group. They will have up to 15 days (can be extended for another 10) to submit comments.

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The referendum is the starting point for convening a session in the Negotiating Council and voting for the General Assembly. By legal decision, there must be a five-day period between phone calls and voting in DC. In the case of AGE, this period is 10 days.

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Although the last word is for partners (i.e., EGM must be done with CD approval or without), it is not possible to make one call at the same time. Therefore, AGE will be convened only after a meeting of the Negotiating Council. These are the main deadlines that Vasco will have to honor after the proposal is officially made:

  • Opinion of Special Commission – up to 25 days
  • Discussion Council Meeting – 5 days
  • AGE Phone – 10 days

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Maurício Souza comments on the duration of the contract with Vasco and the relationship with 777

Maurício Souza comments on the duration of the contract with Vasco and the relationship with 777

On behalf of the General Assembly, before the final call, President Otto Carvalho needs to lead a consultative board, which analyzes the status of its members and closes the list of those who can vote. From there, a five-day period is open for members to provide challenges and another two days for challenge analysis. This process can happen from now on. Therefore, it must be finalized before the opinion of the commission headed by Duque Estrada.

The urgency of concluding the deal relates to the opening of the registration window on July 18 – it will remain open until August 15. With Vasco football in 777 hands until then, the prospect is to invest heavily to strengthen the team for the second round of Serie B.

+ Read more information from Vasco

Watch Josh Wander and ge interview in February

Watch Josh Wander and ge interview in February

In addition, The club has already spent a loan of R $ 70 million issued by the company in March last year and, as warned by the Finance Council, there is a “need to generate short-term money, with the aim of continuing the fulfillment of promises taken and coordinated over the coming months”. Vasco is currently working on its own resources.

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The agreement allows 777 to invest R $ 700 million in Vasco within three years. After providing BRL 70 million through a bridge loan, the company has committed to incorporate another 120 million BRLs shortly after it was approved by partners at the General Assembly.

777 owns three clubs in Europe: Genoa (Italy), Standard Liège (Belgium) and Red Star FC (France). In addition, the group owns a small stake in Sevilla.

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