Now that it has concluded the sale of the remaining 49.9% of Diamond Mall to Multiplan, confirmed by the group this Tuesday in a statement to the market, Atlético is starting to plan to use the R$340 million it will receive to pay off debts. club fees, valued at around R$500 million (38% of the total). In an interview with Behind the scenes of Itatiaia programthe CEO of Galo, Bruno Muzzi, explained how the internal organization will be done to prioritize the debts that will be paid first with the money that will enter the coffers.
“Our priority now will be bank debt. We already have everything organized, all the contracts organized. We will prioritize according to the number of installments, the values of the installments and interest rates. So let’s move on,” he said.
“Next, we will see if we can prioritize any agent or any club. But our priority is the debt with the banks”, he added.
Among the debts with football entrepreneurs, the largest is with André Cury, who has already managed to block amounts receivable by Galo in court due to a debt of approximately R$ 65 million for commissions in the intermediation of transfers of players and coaches. The Rooster disputes the amount due in court.
Each year, Atlético saw debt interest increase by around R$50 million, on average. Last year alone, the cost rose to R$ 87 million. Because of this, the current management considered the sale of Diamond as a priority for the settlement of debts that generated this amount. At the end of May, the club’s Board of Directors approved the sale of the commercial enterprise.
With the sale of 49.9% of Diamond, Atlético will receive R$ 136 million in cash and another R$ 204 million to be paid in 12 monthly installments adjusted by the IPCA (Broad Consumer Price Index).
“The payment conditions were very good, in our view”, declared Bruno Muzzi.
Atlético received a proposal for Diamond from another company and, by contract, presented the values to Multiplan on July 8. It would be up to the group that owns the other 50.1% of the mall, acquired from Galo in 2017 for BRL 250 million, whether or not to cover the offer within 30 days, which was done this Tuesday.
Muzzi stated that the R$ 340 million was above what Atlético projected. “I think it was a proposal above what we expected. We are very satisfied. This sale was very positive and will help us in the composition of Atlético’s debt”, he concluded.
According to the statement issued by Multiplan, the completion of the acquisition still depends on “fulfillment of conditions precedent usual in business of this nature, among them, the approval by CADE (Administrative Council for Economic Defense)”.