Botafogo’s SAF took out a R$333 million loan for Textor and the businessman’s Belgian club; understand | botafogo

SAF do Botafogo took out a loan of R$333 million from XP Investimentos in 2023 with the justification of working capital. Part of the money was transferred to RWD Molenbeek, John Textor’s club in Belgium, while a large part of the amount remained for the businessman. The information appears in the financial statement released by the club last Thursday.

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In addition to XP, SAF also carried out loan operations with Money Plus (R$20 million) and two with Daycoval (one for R$10.1 million and another for R$6.8 million). The total, therefore, was R$369.9 million taken out in loans last year.

“The loans were obtained with the aim of providing working capital support to the company, thereby ensuring its ability to operate effectively and meet its financial obligations,” the document says.

The expected date for payment of the loan, according to the document, is June 1st. Due to interest, the debt with XP reached R$340 million in December 2023.

The value that draws the most attention is that of XP Investimentos. In the balance sheet, Botafogo states that the transaction “does not imply risks for SAF Botafogo, as the amounts involved will be fully guaranteed by the majority shareholder”. Textor kept R$295.7 million of the amount.

Part of the amount was transferred to RWD Molenbeek, John Textor’s club in Belgium. The Brussels team received R$43.9 million, as stated in the “transactions with the Eagle group” section of the document. Internally, the North American justifies that the operations are to help clubs that belong to the same network.

According to the balance sheet, Alvinegro added R$526 million in revenue from current assets in 2023. Gross operating revenue was R$388 million, while the total cost of activities was R$412 million.

“The main impact observed resulted from a loan made by SAF Botafogo in collaboration with XP Investimentos, involving the Fiduciary Assignment of Credit Rights to Mr. John Textor. Although this loan was recorded on SAF’s balance sheet, it is crucial to note that the risks linked to this operation are shared between SAF Botafogo and majority shareholder Mr. John Textor.”

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