Sporting de Braga explains that it only wants to adapt its charter to the current reality

On Wednesday, Sporting de Braga clarified that the proposal to change the statute regarding the majority of SAD is aimed only at adapting the document to the current reality, emphasizing that “the club does not and never has had a majority.”

The proposal to change the statutes, unveiled two weeks ago and due to be discussed at an extraordinary general meeting on February 3, has caused controversy at Sporting de Braga.

For this reason, the Arsenalist General Council decided to request from the club services an explanatory note explaining this proposal, which was published this Wednesday.

Regarding the issue of the SAD majority, which has caused the most controversy, the club stresses that the change is only intended to “bring the statutes in line with the current reality, and this has always been the case, since the club does not do this and has never owned a majority stake share capital of a public limited company.

Article 110 of the current statute states that “in all sports companies in which Sporting de Braga participates according to the previous number, existing or future, the majority of the share capital and the number of votes correspond to this corporate position.”

The proposed amendment seeks to remove this clause, but not with the intent that “the club no longer has a majority in SAD by selling shares”, reinforcing the idea that “the club does not and never has had that majority”, nor in its constitution.

“The corresponding rule was introduced in 2015 at the suggestion of the management, in a context where the Braga City Council was expected to donate shares to the club. In this case, by combining the shares of the club and the city council of Braga, the club would now have a majority, which the charter would have to retain. It turns out that this did not happen. The Braga City Council sold shares on the stock exchange to third parties. So the rule became ridiculous. and is outdated, firstly, because it is impossible for the club to maintain a majority that it never had,” the club now clarifies.

Therefore, this proposal is intended only to “eliminate such inconsistency”, stating that it “does not in any way affect the life of the club and its members, nor the SAD.”

“This change does not, for example, allow management to have more power to sell club shares, nor does it remove any power from members in this matter,” he said.

Sporting de Braga owns 36.99 percent of SAD shares, Qatar Sports Investment (an enterprise beneficially owned by the State of Qatar and which owns the French club PSG) owns 29.60 percent (entered the share capital at the end of 2022 with a 21.67% stake). ). Sundown Investments owns 17.04%, with 16.37% allocated to “other” shareholders.