The Cuiabá Esporte Clube went to the market to capture R $ 20 million in an emission of debentures-fut. After being relegated to Serie B, the Mato Grosso Club wants to open the doors in the capital market and use the capture to flow to the most pressured cash by infrastructure investments in recent years.
The operation was structured by the sowing investment bank and has two series, one CDI + 5% and another CDI + 7%, according to documents sent to the CVM. It will be 24 months until the title and 180 days for fundraising, distributed by ballast exclusively to qualified investors.
Promoted unheard of Serie A of Brazilian football in 2021, Cuiabá underwent a revenue raising cycle by 2024, when he could not escape the relegation. In 2020, the gross revenue of the Mato Grosso club was R $ 22.8 million; By 2024, it was already R $ 168.5 million, according to balance sheets recorded by the association.
“In Serie A years, the main investment we made at the club was the construction of the Training Center. We made a disbursement of more than $ 40 million,” says Cuiabá President Cristiano Dresch, to Infomoney. The CT, valued at R $ 50 million by S&P, serves as a guarantee for the debenture.
“The money captured will be used for operational flow, to strengthen or return the operational cash flow of everyday life, after the amount invested in recent years,” says the investment representative of the Investment Bank, Rodrigo Santos. Through the emission, Cuiabá also seeks to make a first movement towards the capital market ,.
For a lower national club, such as Cuiabá, the drop in revenues caused by relegation is approximately 50%, partly offset by smaller spending with athletes for the second division dispute, the Infomoney. Reduction in revenues was another reason for issuing debentures.
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The fuet debentures
Established by the SAF Law and regulated by the Securities Commission (CVM), debentures-Fut follow rules almost identical to the traditional instrument. The two main particularities are the possibility of adding variable compensation based on sports performance and a minimum period of 24 months to due date as a guarantee for the investor. In the case of Cuiabá, the securities have no variable remuneration.
Zero debt
According to data published by consultancy Sports Value, together only Athletico-PR and Goiás. Golden’s balance records R $ 841 thousand in the line of loans and financing, to interest ranging from 0.99% per year to 12.12% per year.
In recent months, President Cristiano Dresch has been vocal to the values due by clubs such as Corinthians, Santos and Atlético-MG to the Mato Grosso team for the sale of athletes. Considering only overdue amounts, Cuiabá calculates $ 34 million to receive from buyers, $ 14 million more than what seeks to capture through the debenture.
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Although it has not yet published the balance of 2024, the fiscal year will still bring the recipes won by the dispute of Serie A of the Brazilian Championship. The club should also write down the entry of parts with sales of athletes due.
