This Wednesday, the CMVM decided to lift the suspension of the SAD Futebol Clube do Porto – Futebol.
“The Board of Directors of the Securities Market Commission (CMVM) determined on 04/03/2024 at 09:15 (UTC) in accordance with Article 214 and paragraph “b” of paragraph 2 of Article 213 of the Securities Code the cancellation of the suspension of trading in shares of Futebol Clube do Porto – Futebol , SAD, after disclosing relevant information to the market,” the statement said.
Negotiations over the Dragons’ SAD shares were suspended on Tuesday, but after two clarifications from FC Porto on Tuesday, one early in the morning and another later in the day, the CMVM eventually lifted the suspension.
In an interview with SIC television on Monday, Pinto da Costa, president and candidate for the leadership of FC Porto in the April 27 elections, praised the future capital contribution resulting from the 15-year agreement with the northern company. American Legends.
After the CMVM ordered the suspension of negotiations, the Blues and Whites explained that Porto SAD plans to sign a contract with Legends in April, raising between 60 and 70 million euros (ME) to negotiate the commercial operation of the Dragon Stadium. .
In a statement provided by the CMVM, FC Porto updated the information it submitted to the regulator a few hours earlier, in which they indicated the signing of this agreement with the international company by June 30th.
The total amount “will be immediately recorded” in the accounts of FC Porto SAD, even if the corresponding payment “cannot be made in full at the time of signature.”
The partnership will be embodied in a “minority stake of up to 30% in a new company” which will utilize commercial revenues directly related to the Estádio do Dragão, including but not limited to ticket sales or venue naming rights.
“Since this company will be part of the consolidation perimeter of FC Porto SAD, the value of this invested capital will be included in the consolidated statements of the company. FC Porto’s partner company will receive a portion of what is expected to be 30% as dividends. results obtained by the business, with full sharing of risks, from which significant growth is expected, given the international experience that the partner will bring to the commercial structure of the FC Porto group, explained the SAD administration, chaired by Pinto da Costa.
Pinto da Costa, who is serving his 15th consecutive term and is the coach with the most titles and longestevity in world football, will run for the presidency of FC Porto along with Andre Villas-Boas, the former coach of the football team, and businessman Nuno Lobo. defeated the 2020 candidate in the governing elections, April 27 at the Dragao stadium in Porto.
Author: morning Post This Lusa
Source: CM Jornal
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