Institute requests suspension of contract that ‘ceded’ SAF shares, annulment of transfer to Eagle, and judicial intervention in Botafogo

Another legal dispute involving Botafogo has emerged. According to ‘O Globo’, the Abradecont Institute (Brazilian Association of Consumer and Worker Defense) has filed a precautionary public civil action in Rio de Janeiro against three parties: SAF, Eagle Football Holdings, and Botafogo Associativo. The institute aims to suspend the contract that granted 90% of SAF’s shares from Botafogo as collateral to a foreign fund. Additionally, it seeks to annul the transfer of ownership to Eagle and appoint a judicial intervener. The Abradecont Institute argues that the associative club did not consent to the use of Botafogo’s shares in billion-dollar loans taken by Eagle Bidco with Ares Capital, resulting in a debt of R$ 2.1 billion with interest rates of up to 20%. These loans would violate the SAF Law and the Shareholder Agreement, endangering Botafogo’s financial health, fans’ rights, and workers. The institute also requests that the case be handled confidentially to avoid harm to the club.