Santos’ debt exceeds R$700 million and CF suggests disapproval of Rueda’s accounts

The debt of Santos exceeded R$700 million at the end of 2023 and the Supervisory Board recommended the disapproval of Andres Rueda’s management accounts in 2023. The club’s Deliberative Council will meet next Thursday to vote on the CF’s opinion.

According to the report obtained by DIÁRIO, current liabilities reached R$ 314,228,000.00 on December 31, 2023 (it was R$ 351,598,000.00 on December 31, 2022) while non-current liabilities increased to R$ 460,846,000.00 (was R$ 354,776,000.oo on 12/31/2023). The club’s net worth is – R$403,019,000.00.

Also according to the Fiscal Council’s report, Santos had a surplus of R$ 1,032,937.00 in 2023. Even so, the CF points out several inappropriate conducts and classifies Andres Rueda’s performance last season as “reckless management”.

One of them is the anticipation of revenue from the Brasileirão advertising sign contract with Brax for the period from 2025 to 2028. Santos received R$ 25 million worth of gloves for signing the contract, corresponding to 25.55% of the contract value . According to this agreement, the Supervisory Board recommends the opening of a process at the CIS (Inquiry and Inquiry Commission).

“The commitment of revenues for a period longer than the mandate is illegal under the Statute, and such conduct must be subject to investigation by the Inquiry and Inquiry Committee”, says an excerpt from the document.

The disapproval of Andres Rueda’s accounts could make him ineligible for a period of 10 years. A case opened by the CIS for reckless management could lead to the expulsion of the club’s former president. As his term ended, he became an advisor to Santos.

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