Villas-Boas wanted more for the commercial exploitation of Dragan

The commercial operation of the Dragao stadium, recently concluded between Porto SAD and Ithaca, cost more than 65 million euros (ME), Andre Villas-Boas, a candidate for the presidency of the club in Saturday’s elections, said on Monday.

“FC Porto just sold 30% of its commercial income. Indeed, this is where there would be room for maneuver. I think it costs much more, at least double. We have no doubts about the partner, especially since all these subsidiaries come from Sixth Street, a strong partner, but the commercial rights are worth much more than 65 IU over 25 years,” criticized the former coach of the Blue and White football team in interview with SIC TV channel.

On Friday, a day after SAD informed the Securities Market Commission (CMVM) that it had signed a 25-year agreement with Spanish company Ithaka Infra III, Pinto da Costa, club president since 1982 and Villas-Boas’s election opponent, raised The question is the possibility of termination of the contract by the next management until July 1.

“I am ready to analyze contracts and choose the best path. We don’t know about this agreement. I don’t know if the President is well aware of whether there are penalties associated with immediate termination. If he says there are none, then it is so. This is a good sign for Porto because it is a sign of renegotiation with the partner,” he noted.

The 46-year-old B-list candidate has already criticized the haste of SAD, which announced the agreement nine days before the Blue and White club elections for the four-year period 2024-2028.

“Porto Comercial is one of the few companies of FC Porto that makes a profit. Since this profit is on the order of 40 ME per year relative to commercial income, I think the profit is much higher than the 65 ME sold over a period of 25 years. years,” he added.

The Dragons specified that Ithaca “over the next 25 years will be entitled to 30% of the economic rights of the new company” that will be included in the FC Porto group in order to increase “utilization and economic profitability.” Dragon Stadium.

“Ithaca will invest 65 million euros in FC Porto, of which approximately $30 million will be fully reinvested in the stadium during the first few years, while the remainder is intended to increase the competitiveness of FC Porto. At the end of the 25-year period, the club is being rebuilt. 100% of the property rights of the stadium,” emphasized the company, which controls and manages the activities of this facility and fully owns it.

Key Capital Partners will act as the exclusive financial and strategic advisor to Ithaca, and operational support will be provided by the North American company Legends, with which FC Porto SAD has been negotiating for the commercial operation of the Porto Stadium for 15 years. home of the main football team, November 2023.

The injection of 65 IU will “increase by an equal amount” the negative equity capital of the company led by Pinto da Costa, which in the first half of this year reduced this book value by almost 167.5 IU. , from 175,980 IU to 8.5 IU.

This scenario, projecting a positive equity inversion at the end of the season on June 30, was based on the 35 IU earnings added at the end of 2023 and the effect of Crowe Advisory PT’s revaluation of Dragão when it increased from 167 IU to 279 IU.

An analysis of the market value of the “cash flow” generated by real estate was one of six questions posed by Andre Villas-Boas in a letter sent to SAD in March, as was the transfer of assets to Porto Comercial 2. without receiving a response.

In the elections to the governing bodies of FC Porto for the four-year period 2024–2028. Three candidates are participating, led by Pinto da Costa (List A), Andre Villas-Boas (B) and Nuno Lobo (C), including an independent candidate. movement in the Supreme Council (D).

The election event will take place on April 27 from 9:00 to 20:00 at the Dragao Stadium in Porto, while Pinto da Costa is serving his 15th consecutive term since 1982, holding the status of manager with the most titles and longevity in world football.