GDA Luma acquisition of Botafogo awaits judicial recovery approval

GDA Luma, a company led by Mexican Gabriel de Alba, can only proceed with the acquisition of Botafogo's football department once the club's judicial recovery plan is approved. The fund has already contributed $50 million of the $105 million stipulated in the corporate agreement, with an additional $7 million expected next week.

Botafogo's current management believes that changing control before the recovery plan is finalized could hinder negotiations with creditors regarding the club's R$ 3 billion debt. To approve the plan, the SAF requires support from more than half of the creditors; currently, the club has secured between 35% and 40%.

While the judicial recovery process continues, the club's association maintains 51% ownership of the SAF. Additionally, the association has triggered subscription bonuses following allegations of fraud regarding previous contributions made by former manager John Textor.