Cruzeiro SAF takes a position on the delay in publishing the balance sheet; deadline expired in April

O cruise Sociedade Anônima do Futebol issued a statement this Tuesday (7) justifying the delay in publishing the financial statements for the 2023 financial year. By law, the deadline for publishing the document ended in April.

According to the statement, most of the necessary information has already been consolidated, but the resolution was delayed “for two main reasons”.

“Firstly, the club is reviewing the accounting treatment of revenues related to the contract for the sale of commercial rights concluded in 2023, due to disagreements in the market on this issue. To ensure the accuracy and adequacy of the information, Cruzeiro sought consultancy from an international and independent accounting company”, says an excerpt from the statement.

Furthermore, SAF Celeste reported that “the impacts on transactions with related parties are being evaluated, according to the financial statements of Cruzeiro Associação”. The actions are necessary, according to the statement, “to ensure the transparency and compliance of information”.

After both issues are resolved, “the auditors will perform the appropriate additional analyzes to support their opinion on the financial statements.” Cruzeiro’s SAF expects the updates to be completed this week, which allows the statements to be published “within the regular approval processes”.

“Cruzeiro SAF greatly regrets the failure to meet the deadline, reiterates its commitment to transparency and governance, and highlights the importance of adhering to best practices to ensure the integrity and accuracy of financial information”, concluded the statement.

The balance of the year concerns the second year of Ronaldo Nazário’s management at SAF. The document will reveal important information, such as possible contributions made to Cruzeiro, revenue growth with the return to Series A of the Brazilian Championship and details of the investment of R$100 million in the company made by businessman Pedro Lourenço.

On April 29 of this year, Cruzeiro SAF informed the transfer of control of 90% of the shares of Tara Sports Brasil, owned by Ronaldo Nazário, to BPW Sports, a company owned by Pedro Lourenço. The businessman, owner of the Supermercados BH retail chain, is the new majority shareholder of SAF.

The two companies signed a confidentiality agreement and will not reveal the conditions of the operation.

See the full statement:

“Cruzeiro Esporte Clube SAF decided to postpone the official publication of its financial statements for the year 2023. The resolution, although the club has already consolidated most of the necessary information, was motivated by two main reasons.

Firstly, the club is reviewing the accounting treatment of revenues related to the contract for the sale of commercial rights signed in 2023, due to differences in the market on this issue. To ensure the accuracy and adequacy of the information, Cruzeiro sought consultancy from an international and independent accounting company.

Furthermore, the impacts on transactions with related parties are being assessed, according to Cruzeiro Associação’s financial statements. These reviews are necessary to ensure information transparency and compliance.

After resolving these issues, auditors will carry out the necessary additional analyzes to support their opinion on the financial statements. The updates are expected to be completed by the end of this week, allowing the statements to be published within the regular approval processes.

Cruzeiro SAF greatly regrets the failure to meet the deadline, reiterates its commitment to transparency and governance, and highlights the importance of adhering to best practices to ensure the integrity and accuracy of financial information.”