Only 48 members out of 150 attended Tuesday’s Meritorious Council meeting in São Januário to hear explanations from KPMG and BTG representatives about the ongoing process to transfer control of football to 777 Partners. It was the first meeting of power after the members decided in an Extraordinary General Assembly for the statutory change that allows the club to create a Sociedad Anónima de Futebol and transfer its control to third parties.
Among those who attended the empty meeting was Eurico Brandão, son of former president Eurico Miranda. The benefactor, previously combative in the club’s political sessions and on social networks, was, among the most well-known opposition members, one of those who had not participated until then in the meetings to discuss and vote on the change.
Euriquinho said he had reservations about the creation of the SAF. But he clashed with other members of Basque politics to whom he is ideologically close:
– I’m not a SAF enthusiast, but it went to the vote. It was approved, it is defined that it is the model that Vasco will seek. People have to accept defeat,” she said. – Now it’s time to see how the 777 proposal will be. It could be good. Perhaps Vasco will receive an even better one. But the partner chose SAF. There’s no turning back.
Euriquinho was Vasco’s vice president of football during his father’s last term, in 2016 and 2017. Asked how he saw the loss of representation of directors and amateur directors, with the sale of SAF’s assets to 777 Partners, he said he believes that the representatives of the associative club will remain important in the decisions of the corporation.
Vasco will keep 30% of the company’s shares, a percentage that could drop to 20% if the club goes ahead with the plan to sell SAF assets to fans in an attempt to raise up to R$100 million.
Opponents of the current board, such as Euriquinho, questioned the representatives of the auditing companies about mechanisms to protect the associative club, including clauses for retaking control of the SAF, in case 777 is not complied with.
Vasco promises to bring these details when it receives the binding proposal from 777 Partners. The due diligence process, which is about to be concluded, will bring rights and duties of both parties, the associative club and the majority partner of SAF. The board expects to have the offer in hand by the 21st.
Heir to Eurico Miranda, a symbol-director of an era that Vasco’s partners want to leave behind, Euriquinho believes that his father, who died in March 2019, would have reservations about SAF.
– My father was from another time, with other concepts. He would have a hard time accepting it. But he was also a very smart guy and would try to brainstorm to get the best result possible. Today, today, in the face of the football scenario, and the fan’s impetus for change, the time has come. It will have to be done – he said, before concluding: – I hope that the SAF can make Vasco as successful as Eurico did.
Source: The Globe