How is the financial situation of Atletico-MG with the sale of the mall

Atlético-MG has expressed its satisfaction with the approval of the Board of Directors to sell the Diamond Mall, located in the south-central region of Belo Horizonte, so that the money can be used to pay off the black-and-white debt. That exceeds R $ 1 million. However, the vote, which is still being held until 18:00 (31) today, despite the number of votes required to be marketed, was only the first step.

This does not mean that the club’s debt has been reduced overnight, there is still a process to continue. Who is UOL Sport He goes on to explain what Atletico’s actions will be from now on and how the money raised from the sale of the mall will be used.

Values ​​and interest groups

Atletico has not set a price yet, as it will evaluate all the proposals until it is decided which is the best. The executive committee estimates that sales could range from R $ 320 million to R $ 360 million, depending on the number of bids submitted. A committee will be set up to evaluate the proposals and monitor the use of the money. In 2017, Atlético sold 50.1% of the mall for R $ 250 million to start building the MRV Arena.

The owner of the other half of the commercial market, Multiplan has priority to buy the rest. As soon as Atlético decides on the best proposal, the company responsible for building and managing the shopping center has the right to match the value and thus save 100% of the property. The response to the multiplane must be notified to Atletico within 30 days.

“We always hope to sell for the best value, maybe R $ 350 million, R $ 320 million. Let’s wait for the proposals. We have to wait. Now we can’t say numbers so as not to get in the way of negotiations. You can rest easy because they are over R $ 300 million. ”Said Sérgio Coelho, President of Atletico, and assured that he already had proposals for the mall.

BRL 500 million less debt

Rubens Menin, Sérgio Coelho and Ricardo Guimarães voting for the Deliberative Council of Atletico-MG.

Image: Bruno Sousa / Atlético-MG

With the money raised from the sale of the Diamond Mall, Atlético expects to be able to reduce the total amount it currently owes by between R $ 400 million and R $ 500 million. The account may not make sense, as the club estimates that it will sell for between R $ 320 million and R $ 350 million.

But the strategy has already been set by Galo’s vice-president, José Murilo Procópio. The director is a specialist in business law and one of his tasks is the recovery of companies.

“I will tell you right away: Anyone who gets a loan from Athletic and who gives a 50% discount will receive cash. Let’s get started.

Atlético’s attention will be heavily indebted, generating interest, as is the case with loans to financial institutions. Alvinegra board radar is also pending with other clubs and players.

Menin family

The assembly of the Brazilian champions and the Brazilian Cup cost more than R $ 400 million in the 2020 and 2021 seasons, and could only be done with loans provided by MRV founder Rubens Menin and MRV founder Rafael Menin and MRV director Rafael Menin alone. construction company. However, it is agreed that the proceeds from the sale of the mall will not be used to pay off debts owed to patrons and members of the club.

The money borrowed from the Menin family is interest-free and has no money adjustment, according to the parties. Payment is based on the sale of players’ financial rights.

The same goes for Ricardo Guimarães, president of Galo from 2001 to 2006, a member of the collegiate body and also a creditor of the club. The banker reached an agreement with the executive committee last year, reducing the debt by R $ 70 million from R $ 155 million to R $ 85 million. There will be R $ 20 million in cash, in installments, and the rest through uniform advertising.

investment in football

The sale of the trade will not have an immediate effect on Atletico’s football, as management has agreed that 100% of the amount will be used to pay off debts. However, alvinegro football will have an indirect and permanent effect. Having been living with a huge debt for several years, Atletico has relied on loans to carry out the day-to-day running of the club. That is, the more money you borrow, the more interest the Rooster will have to pay each year.

According to the financial situation in 2021, BRL 87 million was spent on interest last season alone. As Atlético intends to use the proceeds from the sale of Diamond Mall to get rid of this type of debt, the management expects a very small end or reduction in interest expenses compared to last year’s amount.

And that means more money for football. With almost $ 90 million in interest, Atlético will be able to invest more in assembling and maintaining the team.

“The sale of the Diamond Mall will have three, four-carat Hulk players for Atletico,” said Rafael Menin, who is also a member of the collegiate body and vice-chairman of the Galle Deliberative Council.

Atletico’s best player, the Hulk striker, costs the club more than R $ 20 million a year.

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