As of this Monday, the Atlético-MG Deliberative Council is voting on the approval of the remaining sale of the Diamond Mall shopping center to help raise money to reduce the hard debt that will reduce the R $ 500 million gross debt.
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The value of 49.9% of Diamond Mall is yet to be determined, but it is around R $ 300 million / R $ 350 million.
The meeting of the galo organ will begin this Monday at 8 am and will last until 6 pm on Tuesday, with a duration of 34 hours. The goal is to give all 420 councilors the opportunity to run in the election. Atletico needs 2/3 of the “yes” votes to sell 49.9% of what they still have in the mall. So 280 votes in favor are needed.
Atletico-MG’s headquarters will be the place for councilors to vote – Photo: Fred Ribeiro
Atlético’s internal financial valuation made it urgent to sell the rest of the mall. Galo’s executive council is supportive, as is the collegiate body made up of the organization 4 R. The approval of the Board is required. President Sérgio Coelho also revealed that there are investment funds that are interested in buying.
– We are about to get permission from the council. Let’s get it. The sale will not be difficult, the funds are interested. These amounts will come from 49.9% of Diamond Mall sales. That money will be stamped to pay off the burning debts. It will be very important, perhaps because we will reduce the interest rate by R $ 40 million per year, ”said President Sérgio Coelho in an interview with journalist André Hernan.
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Last week, former club president Alexandre Kalil (and a well-deserved adviser) met at the Lourdes headquarters with white-and-white leaders, had access to the Diamond sale exam, and left it there with a promise to vote yes.
“I’m satisfied. It’s good to sell the jersey, and it’s time to do it, as described in it, with the transparency of the men who play for Athletic,” he said.
Athletic’s gross debt is costly, with interest, charges and fines. The nature of the debt is bank loans, court cases and other older cases. In 2021 alone, the club had to pay BRL 87 million in interest.
Atletico-MG Council meeting at the headquarters – Photo: Arquivo / Atlético-MG
“Let’s go to Brasileirão! The biggest offer of games for a price that gives the game. Sign the Premiere!”
In late March, Atlético set up a special committee within the Deliberative Council to study how the Diamond Mall could be used to address the club’s biggest financial health headache. The commission wants to give Diamond a 49.9% price (rating) in addition to finding a potential buyer for that part.
A study requested by the club’s management and sent to the directors shows that Diamond Mall has a collection capacity of R $ 300 million in the club’s coffers, with a variation of approximately 10%.
Diamond Mall 3 – Photo: Reproduction
Diamond Mall 4 – Photo: Reproduction
And 49.9% would still have the capacity to generate BRL 55 million to reduce hard debt, through debt renegotiation, in addition to another BRL 120 million in “financial gains”, which would leave Galo unpaid interest by 2021. and 2026.
In 2017, Atlético sold 50.1% of Diamond for R $ 250 million to Multiplan, a company that has run the mall since its inception. At the end of the operation, Galo received R $ 296 million from that first sale, fully invested in MRV Arena.
In addition to the issue of the mall, another agenda is being voted on by the Athletic deliberative council: the approval of the Arena MRV banking operation, the revenue forecast, giving the shares of the company in charge of the stadium (Galo is the sole shareholder) as collateral.
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Galo na Veia – Atletico-MG Membership Program – Photo: Disclosure