The dispute between Botafogo Social and Eagle Football Holdings, controlling 90% of SAF Alvinegra, gained a new chapter this Monday (24). The club filed a lawsuit with the 23rd Chamber of Private Law of the Court of Justice of Rio de Janeiro (TJRJ) asking the company to present R$155.4 million in guarantees — an amount equivalent to 10% of the liabilities that Eagle itself declared to exist.
In the process, the also requests the appointment of a judicial intervenor to act directly in the administration of SAF and the immediate suspension of any transaction selling players or other company assets.
The club is also asking the Court to prohibit the distribution of dividends to Eagle until a formal plan is presented to settle the accumulated debt.
Botafogo points out “reckless” management
The action highlights that Eagle and John Textor, the company’s shareholder and representative in Brazil, have been exchanging accusations about the origin of the financial hole. The club claims that both attribute responsibility to each other, mentioning everything from alleged mismanagement to possible misappropriation of resources and unfulfilled obligations.
The document highlights, however, that there is no indication that the associative club, which holds the other 10% of SAF, contributed to the loss.
Representatives argue that the conflict between the majority shareholders could lead both Eagle and Textor to a scenario of insolvency or lack of liquidity, which would justify the need for financial guarantees determined by the Court.
Order includes blocking of SAF assets
In addition to the minimum compensation of R$ 155 million, the aim is to prevent any negotiation by athletes until the liabilities are clarified. The intention is to ensure that no SAF assets are compromised until there is transparency about the real financial situation.
