Vasco notifies 777 for possible non-compliance with shareholder agreement and SAF law | Vasco

The action by the English company Leanderhall against 777 Partners is the reason for a new chapter in the collision movement between the Pedrinho management, at Vasco, and the American company that owns the Vasco SAF. Vasco’s legal department notified 777 on Monday. This time, he questions the possible transfer of control of the company to the insurance company A-CAP, also from the USA.

The club’s representatives understand that the movement – of supposed transfer of control to another company, directly or indirectly – violates the SAF Law, enacted in 2021 by the Federal Government. Furthermore, it also violates the shareholders’ agreement itself, between Vasco and 777 Carioca, a company created to manage Vasco football in the purchase and sale agreement.

The shareholders’ agreement provided for in the bond signed between Vasco and 777 has a mechanism similar to that of the SAF Law. It serves as a type of protection against change of control, whether direct or indirect. To preserve the legal security of the business between the parties, this transfer of control is prohibited.

Article 6 of the SAF Law provides for the following:

“The legal entity that holds a stake equal to or greater than 5% (five percent) of the share capital of Sociedade Anônima do Futebol must inform it, as well as the national sports administration entity, the name, qualification, address and the contact details of the natural person who, directly or indirectly, exercises its control or who is the final beneficiary, under penalty of suspension of political rights and withholding of dividends, interest on own capital or other form of declared remuneration, until the fulfillment of this duty.”

Which means: if 777 Partners no longer belongs, directly or indirectly, to Josh Wander’s group, but to Kenneth King, owner of the American insurance company A-CAP, the company may suffer penalties if it has not informed the change of control to the members of SAF and CBF.

To the English newspaper “Financial Times”, A-CAP denied that it has control of 777 and called the accusations “unfounded and a desperate attempt by Leadenhall to seek payment from A-CAP while harming A-CAP policyholders.” CAP”.

According to Leanderhall’s opening statement, at a meeting on April 2, Josh responded as follows upon hearing that A-CAP currently controls 777:

— In practice, you’re right. They (A-CAP) control what we sign because they have the power of money now. And we need to keep the company running so that we can solve our problems and deal with our obligations — said the American businessman.

Pedrinho’s board is seeking information on possible consequences of this transfer of control of 777. For example, whether A-CAP could influence administrative decisions — Josh Wander, president of 777 Partners, is also president of the Board of Directors of Vasco’s SAF. In Vasco SAF’s investment contract, Steven Pasko, from 777 Partners, is the ultimate controller of the 777 Carioca structure.

O ge sought advice from 777 Partners, who did not return contact. The board of directors of the Vasco association, through its legal vice-president, Felipe Carregal Sztajnbok, who has been Pedrinho’s spokesman, responded that it had turned on “high alert” due to the recent accusations against the Americans.

— I personally questioned Josh Wander about the news circulating in the international press, which calls into question the financial health and suitability of 777, and the answer was evasive: “It’s all speculation. Rest assured”. Obviously, we are not calm. Much less convinced of 777’s financial capacity — replied the legal vice president.

He added that it was for this reason that the club’s board of directors made the notification requesting payment guarantees in September, a request denied by 777. And he will continue to “internally evaluate the situation” to do “whatever is necessary to preserve Vasco and Vasco SAF”.

The legal vice president also stated that the club will continue with the SAF model, “even in a 777 exit scenario”.

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