After the approval of the judicial recovery plan, the club announces a drop in debt to R$109 million
Sport Club do Recife announced on Thursday (Dec 19, 2024) a 72% reduction in its total debt. The information was disclosed by the club’s president, Yuri Romão, in interviews with journalists. The debt, which previously totaled R$396 million, is now R$109 million – a 72% reduction.
The announcement of the decrease took place after the approval of the club’s judicial recovery plan. At the General Meeting of Creditors, held on December 18, 83% of creditors voted in favor. Here is the recovery plan (PDF – 2 MB).
The recovery plan included the settlement of labor debts within 12 months and the payment of other obligations in 66 quarterly installments. “It is a significant reduction that will give us predictability and corporate and sporting citizenship so that we can once again have the respect of creditors, the Brazilian and global football market”, said Yuri Romão.
The process began on March 20, 2023, covering different classes of creditors, such as labor and unsecured debts, as well as micro and small companies. To prepare and execute the plan, Sport had the support of Matos Advogados and PPK Consultorias.
In addition to the success in the financial restructuring, Sport celebrates its return to Série A of the Brazilian Championship in 2025. The club secured its position after a victorious campaign in Série B in 2024, finishing in 3rd place with 66 points.
The return to the elite of Brazilian football marks an important moment for the club, which is preparing for competitions such as the Campeonato Pernambucano, the Copa do Brasil and the Copa do Nordeste. The pre-season is scheduled to start on Thursday (Dec 26, 2024).
