Botafogo SAF Deal Faces US Bankruptcy Lawsuit Involving GDA Luma

A US bankruptcy court in the Southern District of New York has filed a civil‑bankruptcy action against GDA Luma, the investment group that signed an agreement to take control of Botafogo's football‑club company (SAF). The petition, led by court‑appointed trustee Salvatore LaMonica, alleges fraudulent transfers of roughly US$ 43 million – US$ 3 million in cash and about US$ 40 million in assets – tied to the restructuring of the Colombian financial firm Credivalores (also known as Crediservicios). The complaint claims that GDA Luma and related parties moved assets and received payments shortly before Credivalores entered judicial recovery, seeking to recover the alleged improper gains.

Botafogo officials say the lawsuit does not involve the club, its SAF, its directors or its assets. They stress that Brazilian law separates the patrimony of shareholders from that of the SAF, so even a future conviction of GDA Luma would not automatically affect the club’s finances, investments or the ongoing acquisition process. The club is monitoring the case but maintains that there is no current legal basis to claim the SAF deal is compromised.