Brazil fair-play test lands on Vasco’s R$3bn SAF sale

Brazil’s new football financial regulator has opened its first conflict-verification procedure over the proposed acquisition of 90% of Vasco’s SAF by businessman Marcos Lamacchia.ANRESF is examining whether the transaction and related financing arrangements could create prohibited cross-influence involving Vasco, Palmeiras and companies connected to the Crefisa group.ANRESF said: “The ban on multi-ownership and cross-influence is one of the rules that sustains confidence in competitions.”The regulator has temporarily prohibited new commercial and financial relationships between Vasco and Palmeiras or Crefisa-related entities while its review continues, including player transactions. No final finding has been made and the procedure is being conducted confidentially.The proposed acquisition is reported to value the transaction at up to R$3bn and would give Lamacchia, the stepson of Palmeiras president Leila Pereira, control of 90% of Vasco’s SAF.The financing relationships extend beyond family ties. Crefipar Participações is providing guarantees covering obligations of Almirante Participações e Empreendimentos, the acquisition vehicle in which Lamacchia is the principal shareholder.Corporate records show Pereira holds 5% of Crefipar, while her husband José Roberto Lamacchia owns the remaining 95%.Banco Crefisa also provided Vasco with an R$80m loan that is secured against 10% of their SAF shares. The financing was originally taken out as Vasco sought liquidity for commitments including salaries and suppliers during their judicial recovery process.If Lamacchia completes the acquisition, the Crefisa debt can be converted into SAF shares. If the transaction is not completed, the debt becomes immediately payable.ANRESF has not attempted to unwind existing guarantees or financing, but has imposed interim restrictions on new transactions while it establishes whether the proposed structure satisfies Brazil’s new financial-sustainability rules.Vasco sold their SAF to 777 Partners in 2022 before removing the investment group from operational control after subsequent funding problems.The search for a replacement investor has now become an early regulatory precedent for Brazil’s rapidly developing club-investment market.ANRESF’s eventual decision could establish practical boundaries around related-party capital, ownership structures and commercial relationships between investors connected to clubs competing against each other.