Brazil: Vasco da Gama was bought by an investment fund from the United States

Surprise in Brazil. Vasco da Gama signed a memorandum of understanding on Monday with the US investment fund 777 Partners, which controls the Italian Genoa and owns part of the Spanish Sevilla, for the sale of 70% of the Brazilian club.

The American company will make a contribution of 700 million reais – 137 million dollars at the current exchange rate, in exchange for control of Vasco de Rio de Janeiro, one of the most traditional teams in Brazil and currently playing in the Second Division.

In the next 90 days, 777 Partners will carry out a preliminary analysis of Vasco’s financial status to confirm the transaction, which is also subject to the approval of the partners in the General Assembly, the Rio de Janeiro entity said in a statement.

The operation “He will help Vasco regain its leading role in Brazilian and international football. 777 Partners will act as a long-term strategic partner to make Vasco’s ambitious plans and sustainable future viable.” he added.

According to Vasco da Gama, it will be the largest investment in South America for the fund, which is based in Miami and has businesses in the sports, entertainment and media sectors. On the other hand, the resulting joint-stock company will retain the right to use the Sao Januário stadium, with capacity for 21,800 spectators.

It should be noted that the centenary Rio de Janeiro club, 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.