Pedrinho’s management criticizes Vasco’s SAF balance sheet: “Sitting on top of a time bomb” | Vasco

The confrontational position on the part of the Vasco association becomes more intense every week. The club’s legal vice-president, Felipe Carregal Sztajnbok, harshly criticized the SAF report published on Tuesday. The VP appointed by Pedrinho sees a “chaotic management of 777 Partners”.

The association’s side did not publish the balance for 2023. The deadline ended on Tuesday. Sought by ge to explain the delay, Carregal Sztajnbok answered the questions and attacked the SAF. The legal VP understands that 777 “spends a lot without objectivity” and stated that there is concern in the association about the future of SAF.

When contacted to respond to the criticism, SAF do Vasco and 777 Partners declined to comment.

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– In clear Portuguese, they are drying ice. Everyone knows that this strategy does not attack the source of the problem. The debt will never be paid. In short, the situation is terrible. And, worse, it remains critical considering this year’s contribution and next year’s, which will be the last. Even so, Vasco SAF is still in the red. We are very concerned about the future of Vasco SAF – said Carregal.

– We have good examples of SAFs in Brazil that are attacking debt and reducing liabilities quickly. Bahia, from City, is one of them. If you eliminate the debt, what goes into the SAF goes clean, into the cash flow, for investment. This is the first big step towards financial balance. Vasco SAF, as seen in the balance sheet, is far from that.

Pedrinho’s management is at risk of suffering penalties for not having published the financial statement within the deadline established by the General Sports Law. Since 1998, Brazilian legislation has provided for accounting obligations for sports leagues, entities and clubs. In case of non-compliance, there is the possibility of even removing the president.

In a note on the associative club’s social media, Vasco’s management blamed the management of former president Jorge Salgado for the delay, which was reportedly caused by the reduction in the number of employees in the club’s financial department – which, in the view of Pedrinho’s management, would have made it difficult to obtain information and documentation for preparing the balance sheet.

Of the debt of around R$700 million that SAF assumed from the club, R$210 million has been paid so far – R$90 million in 2022 and R$120 million last year. Considering updates and corrections recorded in the company’s financial results, the net debt reduction is R$60 million. One of the main challenges is to reduce the cost of this debt. This means renegotiating to obtain discounts, interest reduction and extension.

The amount of expenses and the operational cost of the SAF were points of criticism of Pedrinho’s management. CRVG’s legal vice-president cited the opinion of the SAF Supervisory Board and the audit to reinforce that Vasco SAF “is at risk of bankruptcy”.

– It is very clear that we are sitting on top of a time bomb. The SAF Supervisory Board and the independent audit were very educational about Vasco SAF’s risk of bankruptcy. It’s not me saying this. They are experts. Vasco SAF is leveraged, with very high operating costs. A lot is being spent without objectivity, without planning – said the legal VP.

– The management of Vasco SAF is completely contrary to the guidelines defined in the SAF law. There is no professional management, no governance, no transparency, no investment in structure – to this day we do not have a worthy CT. The SAF law was created to, in addition to oxygenating clubs in financial difficulty, bring professional management to football. The 777 is doing the opposite.

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