Sao Paulo President Julio Casares announced on his Instagram page the creation of an investment fund for the club to raise 240 million Brazilian reals to pay off bank debts. The movement is a partnership with Galapagos and Outfield.
The club’s deliberative council will vote on the initiative on Tuesday (1). The fund limits spending and investments in football and administrative salaries. In addition, it locks new debts without the approval of the fund’s credit committee, ensuring better financial management.
“After winning titles and important MKT assets in the first half, we have gained muscle for our second step. If this project is approved, we will still face difficulties in the 2024 budget, but we will start to reap the rewards at the end of 2025 and we will leave our beloved club stronger for my successor. “Let’s go together. “Together for São Paulo!” wrote the Tricolor president.
According to the Convocados Galápagos 2024 report, São Paulo ended 2023 with net debt of R$856 million. Of this amount, R$226 million represents bank debt. The remainder is operating debt (R$376 million) and taxes and agreements (R$258 million).
