Fiscal Council points out that amount loaned by 777 has ended

The R$ 70 million that Vasco borrowed from 777 Partners “were settled”, according to a report issued by the club’s Fiscal Council, which monitors the movement of such resources. Still in the document, the agency warns of the need for “short-term cash generation”.

The loan was approved by the Deliberative Council in February and is part of a memorandum of understanding signed between the club and the company, which intends to acquire 70% of the shares of the future SAF do Cruz-Maltino. The information was first published by “ge” and confirmed by UOL Esporte.

In the report, the Fiscal Council points out that, at a meeting held in May, “the projections of the loan balance for the beginning of June already pointed to the liquidation of the resource”.

According to the document, just over BRL 24 million was intended to pay off the salaries of players and employees, who, at the time, were two months late, in addition to vacations and the 13th of 2021. Another BRL 30 million was used for other debts.

Vasco's Fiscal Council points out that R$ 70 million loaned by 777 ended up - Reproduction - Reproduction
Image: Reproduction

For “purchase and loan of athletes” around R$ 5 million was used. The rights of attacking midfielder Palacios, who was at Internacional, were purchased with the help of 777.

Initially, the R$ 70 million was a loan, however, if the SAF is approved by the Deliberative and the partners, the amount becomes an advance on the total of R$ 700 million that the company promises to invest in the next three years.

The process for the conclusion of the SAF is close to being closed at Vasco. A meeting at the end of last month between the club’s board and company executives defined the pillars of the agreement for the binding proposal. From there, the club will start the internal process for approval, with the documents being delivered to the Deliberative Council and Council of Meritorious to issue opinions. Afterwards, it goes to the vote.

About Abhishek Pratap

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