Botafogo calls assembly for SAF capital increase

Botafogo de Futebol e Regatas has called an Extraordinary General Assembly for Thursday, the 24th, to propose a capital increase for its SAF (Sociedade Anônima do Futebol). The plan involves issuing 200 million new Class B ordinary shares at a price of R$ 0.01 each, totaling a R$ 2 million injection.

The funds are intended for the immediate payment of a portion of the SAF's payroll. Currently, the Botafogo association holds 51% of the SAF, while Eagle holds 49%. Both shareholders have a 30-day preferential right to acquire the new shares. If Eagle does not exercise this right and Botafogo acquires the remaining shares, Eagle's stake could face significant dilution.

While the assembly will not vote directly on transferring shares to GDA Luma—a company owned by Mexican businessman Gabriel de Alba—the capital increase is viewed as a critical step toward a potential change in control. Legal departments from Botafogo and GDA are currently drafting a new shareholders' agreement, though the transfer remains dependent on resolving issues regarding Eagle and the current corporate structure.