“Rio Ave urgently needs a capital injection to continue honoring its commitments. If it does not do so immediately, the club’s future will be irreparably compromised,” Alexandrina Cruz told Agência Lusa.
The director, who assumed the presidency of the Vila-Condense emblem this year, will on Sunday, in an extraordinary general meeting, present to the members a proposal to change the current SDUQ, which manages professional football, into a SAD, considering that this is the only model for Rio Ave to maintain “financial balance and safeguard its competitiveness in the first league”.
“The demand we all have on the club’s sporting results is not in line with the annual revenues. If this balance was difficult before, the relegation of the division and the deprivation of selling assets sent us into a negative spiral, from which only we will be able to leave with strong partners in a future SAD”, added Alexandrina Cruz.
The president of the Foz do Ave club revealed that “potential partners have been being consulted for some time now” and assured that there is an external investor interested in participating, immediately, in the SAD project.
“A concrete opportunity has arisen that I consider to be unique, both in financial and sporting terms. Out of respect for the members, I am keeping all information regarding the possible creation of SAD and the investor for this general meeting”, he shared.
Alexandrina Cruz promised that at this major meeting on Sunday “the club’s current situation will be explained”, so that members can decide, but assumed that there is no alternative if members reject the creation of SAD with the presence of an external investor.
“There is no plan B, as for Rio Ave to have financial viability, to continue to have its sporting ambition, it needs greater financial liquidity, which it will only obtain with the establishment of a strong partnership with an investor, through the constitution of a SAD”, he guaranteed.
The director acknowledged that the partners would expect a longer period of analysis and consideration, but warned that “the current financial situation [do Rio Ave] forces a quick and immediate decision”, remembering that “the financial results of recent seasons have been negative”.
“I hope all partners understand [a urgência da decisão]so that Rio Ave can continue to position itself at the top of Portuguese football”, concluded Alexandrina Cruz.
The general assembly of Rio Ave is scheduled for this Sunday, at 9 am, at the Municipal Theater of Vila do Conde.