Vasco da Gama and 777 Partners reached an agreement for the American company to acquire 70% of the popular Brazilian soccer club for 700 million reais ($137 million at current exchange rates), the club reported Monday.
To become effective, the agreement, one of the largest operations in the history of Brazilian football, must be endorsed by a general assembly of members of the Rio de Janeiro club, which currently plays in the second division of Brazilian football.
The president of Vasco, Jorge Salgado, and the founder of 777 Partners, Joshua Wander, signed the document in Miami, where the investment company is based. As stipulated, 777 Partners will take over a debt of 700 million reais from the club.
“The transaction will help Vasco to recover its leading role in Brazilian and international football,” read the note announcing the agreement.
Founded in 2015, 777 Partners is an investment company based in Miami, with a presence in various sectors and relevant investments in soccer. The company recently acquired the Genoa of Italyone of the most traditional clubs in that country, and also has investments in Sevilla in Spain.
Vasco da Gama will use companies from 777 to modernize the club, “with access to new technologies and use of data to identify new talent,” the club said.
The resulting joint-stock company will retain the right to use the Sao Januário stadium, with capacity for 21,800 spectators.
“It will be the starting point of a new, winning, sustainable and debt-free future, everything that our immense fans want,” said Salgado.
The centenary club from Rio de Janeiro, 4 times champion of Brazil and champion of the Copa Libertadores 1998, fell in 2020 for the fourth time in its history to the second division of Brazilian soccer. Last year he was unable to return to first, after a mediocre campaign that left him in tenth place.