Overview

• The financing request awaits authorization from Rio’s 4th Business Court because both the club and its SAF are under judicial recovery.
• The court-appointed Judicial Administrator reported accelerated depletion of Vasco’s cash and filed objections that intensify scrutiny of the deal.
• The proposal targets immediate October outlays for salaries and essential operations, with 20% of club-held SAF shares pledged as collateral in case of default.
• Loan covenants reported to the court would prohibit changes to the SAF control structure without the lender’s consent until June 8, 2026, subject to judicial approval.
• Vasco says it contacted more than 60 institutions, received five firm bids, and chose Crefisa for the most advantageous terms, with talks led by president Pedrinho and owner José Lamacchia; key terms include a 12-month grace period, repayment in up to 36 months, and cost of CDI plus 7% a year.