BTG Pactual Bank discusses with Vasco funding to the Rio club as part of the club’s legal recovery plan, according to Pipeline’s findings. The bank is to lend R$165 million to Gigante da Colina.
The group offers a payment term of two years and six months, with an interest rate of 11.5%. As a guarantee, the bank demands control of the shares of Vasco SAF, including 20% of the association and 39%, which is in dispute with 777 Partners. Broadcasting rights, use of the São Januário Stadium and other SAF revenues can also be transferred.
BTG has a trust agreement to sell 59% of SAF shares to Vasco. This gives the bank the power to approve decisions such as the selection of a president and CFO. In addition, the company has a share in the sale of Vasco and the right to additional income in case of sale or acquisition. If SAF is sold, BTG will be entitled to 6% of the market value of Sociedade Anônima de Futebol do Cruzmaltino.
According to Pipeline, BTG Pactual is analyzing the possibilities and that there is still no definition regarding the loan. It is worth noting that at the beginning of the month, the insurance company that controls 777 Partners, announced for sale all the clubs of the company, including Vasco due to legal proceedings and risk of bankruptcy.
