Vasco’s Fiscal Council informs that the R$ 70 million loan for the 777 has ended; see expenses | vasco

The R$ 70 million that 777 Partners lent to Vasco in March, as part of the memorandum of understanding that the parties had signed a month earlier, has ended. The information is contained in a letter that the club’s Supervisory Board sent last week to the Deliberative Council, with a copy for President Jorge Salgado.

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The communication from the Fiscal Council is part of the monthly monitoring of the movement of loan resources and is signed by the president of the body, João Marcos Gomes de Amorim. In the letter, the CF says that it verified “the entries made since the previous position” (in May) and found that “on June 6, 2022, the resources were settled”.

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President of Vasco, Jorge Salgado, with Josh Wander, from 777 — Photo: Rafael Ribeiro / Vasco

The purpose of the letter, in addition to informing about the depletion of money, is to alert “to the need to generate cash for the short term, aiming at the continuity of the fulfillment of the commitments assumed and programmed for the course of the coming months”. In other words, Vasco will have to operate with its own resources from now on.

The document also suggests that the president of the Deliberative Council, Carlos Fonseca, bring the information to the attention of the councilors – which has already been done. Vasco was contacted by the report, but has not yet responded.

Most paid salaries

When the loan from 777 Partners hit the bill, Vasco owed two months of salaries to players and employees, in addition to vacation and 13th from the previous year. According to the breakdown of expenses made by the Fiscal Council, almost R$ 25 million were allocated to pay these salary charges.

In addition, approximately R$30 million was used to reduce debts of other natures: R$15,679,167 was used to pay “agreements and installments” and R$14,287,835 for “loan amortization”.

R$ 5,168,042 were spent on “purchase and loan of athletes”. It is worth remembering that Carlos Palacios, Vasco’s biggest investment in the year, cost about R$ 8 million and had part of his transfer paid with loan resources.

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SAF has not yet been established

The constitution of SAF do Vasco is nearing completion. The final contract between the club and 777 Partners is expected until this Tuesday, when the exclusivity period for the American company ends. With the document in hand, the Special Committee of the Deliberative Council will have 15 to 25 days to issue a favorable opinion or not to the acceptance of the proposal.

After that, a meeting will be called in the Deliberative Council and the vote of the partners in the General Assembly to approve the sale of 70% of SAF to 777. Vasco and the company expect the process to be completed by mid-July.

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See the breakdown of loan expenses:

Loan entry – R$ 69,707,235

  • Operating outputs – BRL 37,351,748 (54%)
  • Salaries, charges and benefits – R$ 24,303,367 (35%)
  • Gaming expenses – BRL 477,209 (1%)
  • Miscellaneous costs and expenses – R$ 4,862,252 (7%)
  • Purchase and loan of athletes – BRL 5,168,042 (7%)
  • Taxes – BRL 713,936 (1%)

Non-operating outputs – BRL 34,198,119 (49%)

  • Agreements and installments – R$ 15,679,167 (22%)
  • Fees and fees – BRL 224 (0%)
  • Loan amortization – R$ 14,287,835 (20%)
  • Loan amortization – R$ 4,230,892 (6%)

The remaining R$1,842,632 was transferred from the club’s account to the club’s SAF account

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