Cruzeiro Council approves changes to SAF requested by Ronaldo – 04/04/2022

It was almost four hours of waiting, but finally the deliberative council of Cruzeiro managed to vote on the changes in the SAF requested by Ronaldo. After a long wait until the club’s legal department was able to overturn an injunction that prevented the meeting, Cruzeiro’s advisors approved by acclamation some changes, such as the inclusion of Tocas da Raposa I and II in the negotiation with the Phenomenon.

Voting was scheduled to start at 6:30 pm, but an injunction granted by judge Bruno Lino, at the request of judge José Eustáquio Lucas Pereira, who is an adviser to Raposa, canceled the meeting. The bailiffs arrived at Parque Esportivo do Barro Preto, located inside one of Cruzeiro’s social clubs, about an hour before the scheduled start of voting.

It was at this moment that a race against time began, to be able to overturn the injunction and, at the same time, convince the councilors not to leave the place. Meanwhile, the pressure was increasing outside the gym, as many fans were at the entrance of the Sports Park, to pressure the counselors for the approval of the changes requested by Ronaldo, who was present.

After almost four hours of the scheduled initial time, the injunction was overturned. Faced with the impatience and fatigue of many councilors, all the items on the agenda were approved by acclamation. A master of ceremonies read all the changes that were up for a vote and the final result was unanimous. For the most delicate issue of the night, the inclusion of Tocas da Raposa I and II in the SAF negotiation, it was necessary that 90% of the board members approved. In other matters, a simple majority sufficed.

Ronaldo has until April 18 to sign the contract to purchase SAF do Cruzeiro. On the same date, his exclusivity to buy the shares of the club ends, which can once again hear proposals from other interested parties.

See in full the items approved by the Cruzeiro board members:

1 – Information, to all present, of all the terms of the investment intended by Tara Sports in SAF and the clauses of the definitive contracts, with explanation of the details by XP Investimentos, advisor of Cruzeiro Esporte Clube (“Association”);

2 – Presentation, to all present, by Tara Sports, of the project that will be implemented if the intended investment is approved;

3- Authorization to take all necessary measures to request judicial or extrajudicial recovery, by the Association;

4- Authorization to carry out a credit operation by Cruzeiro Esporte Clube – Sociedade Anônima do Futebol (“SAF”) and/or the Association giving the Association’s properties as collateral, for the purpose of restructuring the Association’s debt;

5- Authorization to carry out a real estate operation in favor of SAF aiming at the exploitation of Tocas I and II, whose income will be used to amortize the entire tax debt of the Association which, according to law 14.193, is exclusively the Association’s, without solidarity or subsidiarity of SAF, with: (ei) transfer of ownership of Tocas da Raposa I and II to SAF conditioned to the amortization of the entire tax debt of the Association; and (e.ii) the obligation of equal division between SAF and the Association of real estate profit that may eventually be obtained in the event of sale of Tocas da Raposa I and II by SAF;

6- Authorization to perform all acts necessary to: (fi) endow SAF with all rights to exploit football-related activities, including sponsorships, broadcasting rights, ticket sales, and exploitation of brands and other intellectual property without its definitive assignment; and (f.ii) to approve the investment by Tara Sports in SAF, with the execution of definitive contracts.

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