John Textor loses legal bid to block Botafogo SAF assembly

John Textor is engaged in a legal battle over the control of Botafogo's Football Corporation (SAF). A judge in Rio de Janeiro, Victor Agustin Jaccoud Diz Torres, denied Textor's request to suspend an Extraordinary General Meeting (AGE) intended to discuss capital increases and share dilution. The judge also fined Textor for “litigância de má-fé” (bad-faith litigation), with the penalty estimated at approximately R$ 10 million, based on 5% of the original 2022 contract value.

The dispute centers on ownership percentages. While Textor claims ownership of 90% of the SAF based on U.S. court decisions, current judicial determinations in Brazil suggest the Botafogo social club will hold 51% of the shares, leaving Textor’s Eagle Bidco with 49%. Textor has criticized the Brazilian judiciary, describing the situation as “judicial tyranny” and claiming the decisions could deter foreign investment in Brazilian football.

Separately, reports indicate Botafogo's total debt has reached approximately R$ 3.5 billion, a significant increase from the R$ 1.3 billion recorded prior to the SAF transition. Textor has contested these figures, arguing the debt during his management period was closer to R$ 2 billion.