Gustavo Tutinha wrote that the information presented in the follow-up of the Judicial Recovery detailed the financial situation of Vasco and the SAF in 2026. According to him, the updated balance of loans was R$ 287.9 million: R$ 282.4 million in principal and R$ 5.5 million in interest and adjustment. Of this total, R$ 84 million corresponded to Crefisa and R$ 203.9 million to Almirante. Tutinha reported that the loan from Crefisa had a yield of CDI + 7% per year and quarterly amortizations until September 2028. Of the contracts with Almirante, R$ 156.5 million were updated by the CDI, maturing in December 2027, and R$ 47.4 million by the INPC, with maturities in July and August 2027. In July and August, according to him, two loans were contracted with Almirante Participações, of R$ 40 million and R$ 5.6 million, both with a single payment due in 2027. The operation of R$ 40 million also provided for a fiduciary assignment of part of the LFU receivables linked to the commercial appeal criterion. The consolidated tax debt of the recovering companies was approximately R$ 271 million and reached R$ 334 million with adjustments, fines, and interest, wrote Tutinha. During negotiations with the PGFN, Vasco and the Prosecutor's Office supposedly agreed to temporarily reduce the installments of the installments to R$ 580 thousand monthly until the consolidation of a new transaction. The cash balance reported on August 31 was R$ 5.6 million. Between January and August, the cash flow recorded R$ 201.4 million in receipts related to economic rights of athletes, according to Tutinha. Rayan accounted for R$ 171.9 million; Leandrinho was also mentioned with R$ 9.3 million; João Victor, with R$ 5.6 million; Luiz Gustavo, with R$ 5.3 million; Loide, with R$ 2.1 million; and Galarza, with R$ 2 million. Tutinha attributed the increase in marketing revenues in June to the receipt, in a single installment, of R$ 25 million from the master sponsorship contract with SportingBet. The SAF reported, according to Tutinha's account, that cash outflows in August were lower because R$ 46.6 million in payments were deferred to September: R$ 32.6 million in transfer fees, R$ 5.5 million in commissions, R$ 4.5 million in signing bonuses, R$ 3.4 million in taxes, and R$ 630 thousand in TEF. The cash flow recorded R$ 56.8 million in restructuring disbursements between January and August. The breakdown presented by the SAF, however, totaled R$ 59.1 million: R$ 21.9 million for the CNRD, R$ 19.5 million for tax installment plans, R$ 6.8 million related to Judicial Recovery, R$ 5.3 million for the Judicial Administrator and legal and financial advisors, R$ 4.3 million in transfers to the CRVG and R$ 1.3 million for BACEN. Tutinha observed that the itemized amounts did not match the total recorded in the cash flow. According to the numbers disclosed by him, the SAF had 46,347 active clients in the supporter program in January and 35,790 in August, a reduction of approximately 10.5 thousand. Of the clients registered in August, 35,214 were up to date with their payments. Tutinha also wrote that Vasco claimed to be meeting its obligations under the Judicial Recovery Plan on time and settling debts incurred after the recovery request and extrajudicial credits. In the CNRD, the club was to allocate R$ 15 million per year for the payment of three plans; the credits were adjusted by the IPCA and were not subject to discounts. Regarding the agreement concluded in September, Tutinha reported that 777 declared it did not oppose the establishment of the New SAF, the creation of the UPI Equity, the judicial sale of 90% of the shares, nor the transfer of the shares to the winner of the competitive process. The former controller also reportedly stated that it would withdraw from incidents and appeals related to Judicial Recovery and relinquish respective claims. Tutinha affirmed that the numbers outlined the financial operation of Vasco as the club moved towards a new phase of restructuring and the completion of the sale of the New SAF. #Vasco #Futebol #Finanças (translated)
