CEO of Atltico and Arena MRV, Bruno Muzzi detailed the current situation of migration to SAF (Sociedade Anima do Futebol). Internally, the high level of Galo is urgently dealing with the change in order to balance the financial health of the club, which has a debt in excess of R$1.1 billion.
At first, the CEO pointed out that the migration to SAF is being “pursued” by the Atltico. The mining club has between 15 and 20 confidentiality agreements – which allow the first exchanges of documents – signed.
“SAF is a path that is being pursued. (…) We have already contacted several investors around the world. More than 130 investors were contacted. We have between 15 and 20 confidentiality agreements signed, and companies evaluating the opportunity before signing an agreement, but they responded,” he said.
“We have all the homework ready: we’ve already contacted you, we have NDA’s (nondisclosure agreements) signed, we have exchanges of information. There are no proposals. There are conversations evolving. It has no date, it has no background type, it has nothing defined. The process still closes, it is funneling, and there is still a lot of company to give us feedback”, he added.
Muzzi also explained that it is not possible to advance any type of mold for the future negotiation, since each investor profile has different interests in the SAF’s. In any case, Atltico expects to raise more than R$ 1 billion with the sale.
“We still don’t have any definition of anything at SAF. What type of investor, percentage of control (if they have it or not), date and much less the operation’s perimeter: what goes in and what stays out. And that depends on each investor, because there are football investors (such as the City Group) and investors who are funds (part of football and part of entertainment)”, he differentiated.
What type of investor is Atltico looking for?
Muzzi assured that there is still no definition as to the possible “ideal investor”, but he expressed his preferences for Superesportes. The manager hopes that the Atletico SAF will be negotiated with a partner that also makes efforts in the area of entertainment.
“I like the investor who has one foot in the United States and one foot in Europe. In Europe, because of the football expertise, grassroots category. I think it’s very important in the life of the Atltico going forward. And that has the entertainment issue (USA) , knowing how to explore, knowing how to use the sport, treating the product the same in a league. This pleases me a lot”, he opined.
Finally, Bruno Muzzi explained the bottleneck of the process, which will occur when there is a more concrete interest of one of the groups in negotiations. The CEO pointed out that the proposal will need to be considered by the Deliberative Council in order to be approved.
“You need to do a procedure called a process letter. A, we start to establish a date. There are so many signed, so, from now on, whoever is interested needs to put a proposal in the binding. An indicative proposal. A, there is a process of diligence. And on top of all that, then you have to take it to the Council, because who will define it. Look: ‘It has these names, they have these conditions. What do you think?’. , ended Muzzi.