Botafogo SAF calls assembly to vote on capital increase

The SAF Botafogo has called an Extraordinary General Assembly of shareholders to vote on a proposed R$ 2 million capital increase through the issuance of new shares. The funds are intended to cover a portion of the club's payroll expenses during its judicial administration process, which is currently managed by Cork Gully.

This capital increase may result in the dilution of Eagle's 49% stake in the company. Eagle, formerly controlled by John Textor, is currently under judicial administration. The remaining 51% of the shares are held by the Botafogo social club, making it the current majority shareholder.

The decision could also influence ongoing negotiations with GDA Luma Capital, a fund seeking to acquire 90% of the SAF to assume management and become the majority partner. Shareholders will have 30 days to exercise their right of first refusal.