With the sale of Cruzeiro Sociedade Anônima do Futebol to businessman Pedro Lourenço , owner of the retail chain Supermercados BH, Ronaldo Nazário made perhaps the most advantageous deal of his career as a businessman. In a “masterstroke”, the Phenomenon will make an absolute profit of around R$550 million
During 28 months at the head of the SAF, the amount pocketed by Ronaldo represents a “monthly gain” of R$19.64 million. The Phenomenon would hardly have the same profitability in any other financial operation in such a short term.An ace on the field as a football player, Ronaldo once again showed that he is aggressive in busine
Operation costs around R$600 million
Ronaldo will sell 90% control of SAF to Pedro Lourenço for R$600 million.
In 2023, Pedro had already invested R$100 million in SAF, which were converted into 20% of the shares in this purchase operation.
This year, Lourenço will pay Ronaldo an additional R$150 million. The remaining R$350 million will be paid over ten years.
Ronaldo spent R$50 million to buy Cruzeiro
On the other hand, Ronaldo only took R$50 million out of his pocket when acquiring Cruzeiro. The deal was closed on December 18, 2021, brokered by XP Investimentos, in São Paulo.
Under the SAF purchase contract signed in December 2021 and adjusted in March 2022, Ronaldo had the obligation to immediately inject R$50 million. According to the 2022 accounting balance, the amount was divided into two installments, R$26 million and R$24 million.
“(…) on April 7, 2022, the Company issued debentures convertible into shares in the amount of R$50 million, of which R$26 million through the conversion of a loan agreement between the Company and the shareholder of Tara Sports Brazil and R$ 24 million in new resources contributed by Tara Sports Brazil”, says the document.
Investment of up to R$350 million in five years
By contract, Ronaldo, on behalf of Tara Sports Brazil, also committed to investing up to R$350 million, over five years, in the company through the acquisition of 90% of the shares.
This remaining amount, of R$350 million, could be made through new contributions (money from Ronaldo’s pocket) or incremental revenues (amounts higher than what Cruzeiro earned between 2017 and 2021). In this five-year period, the average for Cruzeiro (association) was a gross annual revenue of R$220 million.
Therefore, any annual revenue from SAF that exceeds the average of R$220 million would be counted as incremental revenue generated by Ronaldo and would be deducted from the mandatory and complementary investment of R$350 million.
Revenue of R$150.35 million in the first year
In the 2022 financial year, the first for Cruzeiro SAF managed by Ronaldo, revenue was R$150.35 million, less than R$220 million. Therefore, there was no incremental revenue in the period.
The 2023 financial statement needs to be released by SAF in the next few days. Only then will it be possible to determine whether there was any incremental revenue (if revenue exceeds R$220 million) and whether there was any other contribution from Ronaldo to SAF.
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