Vitória seeks V Sports funding as losses deepen debt challenge

Vitória de Guimarães have outlined an agreement to increase V Sports’ stake in their football company to 46%, linking the transaction to fresh capital and a proposed debt restructuring after an €11m loss in 2025/26.Members will vote on October 30 on the transfer of a further 17% stake, with the arrangement expected to bring €3.8m into the company and establish a process to restructure between €20m and €30m of debt.The club said: “A new management cycle has begun, based on greater prudence in the use of resources and rigour in investment decisions, with particular emphasis on an effective reduction in expenditure, rationalisation of the company’s cost structure and more careful management of the size and costs associated with the squad.”The proposed investment follows a sharp reversal from the record €7.4m profit recorded in 2024/25, with lower UEFA income and a reduced contribution from player trading weakening the latest accounts.Operating income excluding player transfers fell 33%, from €22.7m to €15.1m, largely reflecting the absence of European competition.UEFA-related income declined from €9.44m to €1.19m, illustrating the exposure of the club’s finances to changes in continental participation.Player transfers generated €22.8m in income, but associated costs and amortisation reduced the contribution to €12.6m, compared with €22.8m in the previous season.Operating expenditure increased 0.7% to €33.1m, with savings on European travel and logistics offset by squad restructuring costs, contract terminations and sporting bonuses.The resulting €5.4m shortfall widened to an €11m net loss after interest, taxes and accounting effects. Negative equity deteriorated from €25.8m to €36.8m, while total liabilities rose from €68.9m to €85.3m against assets of €48.5m.The company reported net liabilities of €57.1m after deducting customer balances, inventories and available cash, up from €48.2m a year earlier.Under the V Sports agreement, €2m associated with an infrastructure contribution suspended under the previous ownership arrangement would be returned to the club and converted into capital in the football company.V Sports would contribute a further €1.8m, with the combined €3.8m intended to reduce existing indebtedness.The agreement also includes a commitment to develop a restructuring plan for part of the debt within 60 working days, making the proposed transaction broader than the immediate capital injection.V Sports, the group behind Aston Villa, previously held 46% of Vitória’s football company before reducing its interest to 29% in June 2023 to meet UEFA requirements.The additional 17% stake would be placed in a blind trust, with an independent entity exercising voting rights without instructions from the owner.That structure is intended to address potential conflicts and comply with UEFA’s multi-club ownership rules, rather than giving V Sports unrestricted voting control over the entire proposed holding.Vitória’s own shareholding would fall from 67.84% to 50.84%, leaving the club with a narrow majority of the company’s capital.President Rui Rodrigues has indicated that Vitória would need to seek another partner if members reject the transfer, leaving the October 30 vote central to the proposed funding and restructuring programme.