June 26, 2026
To all Champions, all Botafoguenses
We are pleased to report that on June 26, 2026, the board of directors of SAF Botafogo unanimously approved two separate financing transactions, designed to support the club through the 2026 football calendar and beyond.
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The board of directors approved a $50.0 million convertible loan facility, designed to convert into permanent equity (ownership) upon the successful completion of the SAF Botafogo's judicial recovery procedure. Such conversion into equity ownership is also subject to shareholder approval.
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The board of directors also approved a debtor-in-possession (DIP) facility of, up to, $50.0 million, which is subject to approval by the court. Based on the successful consummation of the $50.0 million convertible loan facility, the board anticipates a draw-down of no more than $25 million from the DIP Facility.
The board of directors approval was made possible by the ruling of Luiz Eduardo C. Canabarro on June 19, which ordered the annulment of certain decisions of the Arbitral Tribunal and the return of Mr. John Textor into his leadership roles at SAF Botafogo. Mr. Textor was, therefore, reinstated into the positions of Chairman of the Board, President, Chief Executive Officer and sole Statutory Officer.
On June 24, responsive to a request for clarification by a shareholder of SAF Botafogo, the Court re-affirmed its prior ruling, which reinstated Mr. Textor into his previously held officer and director positions. The Court also acknowledged the validity of a decision of the shareholders, previously rendered , which appointed Mr. Eduardo Iglesias into the position of 'interim manager', where he joins Mr. Textor in leadership of SAF Botafogo.
Based on the clear and unambiguous rulings of the Court, the board of directors retains authority to deliberate on, and approve, financing transactions that will assure the financial viability of SAF Botafogo. The board also reserves the right to instruct and authorize management, Mr. Iglesias and/or Textor, to carry out the decisions of the board.
The board of directors of SAF Botafogo, therefore, looks forward to the execution of all directions, and the consummation of all financings, authorized and approved at its meeting of June 26, 2026.
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June 24, 2026
To all Champions, all Botafoguenses
In my first act returning as President, I have asked the SAF lawyers to assure court approval of a $75 million financing, which will bring immediate cash to the club. The financing will be comprised of a $25 million credit facility, and a $50 million cash equity infusion, from a consortium to include Evangelos Marinakis, Kia Joorabchian and myself. Our partnership creates a dream scenario for the championship ambitions of our glorious club, bringing together global football experience, deep pockets of capital, and a true love of Brazilian football.
We have respectfully asked leadership of the social club to stand down, and to take no measures of obstruction, at this critical time. The current proposal of the social club with GDA is extremely flawed, laden with avarice and ego. We already know the social clubs opinion is driven by the egos of a few men, but it is the toxic ambition of GDA that is most concerning. They invested only $12.5 million dollars and they want to earn interest income of $15 million. If they were sincere about helping the club, they would have funded the original $50 million commitment they promised me, in a healthy form of investment. If they were sincere about helping the club, they would have prevented the transfer bans. GDA, this is just a money play.
For me, and my partners, this is a love affair that will deliver championships.
It is time to end this nonsense and bring the family back together. I need all Botafoguenses to ask the social club to stand down, and let the money come into the club, from people that know Brazilian and Global football. This is a dream team, built for the ambitions of the glorious and most traditional club of Brazil. Vamos Botafogo.