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Atlético sends document to board members with information about the sale of Diamond Mall – Rádio Itatiaia


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Photo: Publicity/Multiplan




Atlético accelerates the step to sell the 49.9% of Diamond Mall and, for that, started sending this Monday (9) a document with important information to the club’s advisors.

“Why sell Diamond?”. In the material, this is the main question presented and answered. According to the board of alvinegro, “the financial situation of the club requires immediate action. Interest and charges on past debts cost more than 50M per year and are expected to increase due to the economic situation with rising interest rates. As a result, even with a positive operating result, the costs of past debts affect Galo’s cash flow and financial results”.

Check out other points addressed in the document sent to club advisors this Monday:

How to guarantee the correct destination of the Shopping’s sales resources?

A rigorous and transparent process for monitoring and reporting the use of resources will be established, with periodic monitoring by the Deliberative Council. From the beginning of the process with the submission of proposals, to the implementation of the plan and debt relief.

How will the sales process be (if approved)

The sales plan will be prepared by the committee and presented to the Board. Only after that will the negotiations begin and the proposals will be clarified for the Deliberative Council.

Will the proceeds from the sale be used to pay for recent investments made by the collegiate body?

Not. The money will be used to pay off onerous debts from the past that generate high charges and are short-term. These debts expose the club to financial and sporting risks and will be fully prioritized.

How much is Diamond Mall today?

The 49.9% is recorded at R$350 million in the club’s assets. But it is important to note that this value is subject to variations due to market fluctuations and also due to the valuation process that will be carried out for the correct valuation of the asset.

What will be the destination of the money and the impact of the sale on Galo’s financial health?

The proceeds from the sale will be used in full for the immediate abatement of the most onerous debts, that is, those that generate high financial expenses for the club and the obligations that may incur in FIFA’s sporting sanctions. In addition, cash on hand enables the renegotiation process with other creditors and enables new financial gains.

How to guarantee the correct destination of the Shopping’s sales resources?

A rigorous and transparent process for monitoring and reporting the use of resources will be established, with periodic monitoring by the Deliberative Council. From the beginning of the process with the submission of proposals, to the implementation of the plan and debt relief.

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