Historic day at Cruzeiro. Businessman Pedro Lourenço, 68 years old, made official this Monday (29), on the Itatiaia microphone, first hand, the purchase of 90% of the shares of the club’s Sociedade Anônima do Futebol together with Ronaldo Nazário, who managed the company since January 2022.
In an interview with Itatiaia, Pedrinho spoke about the operation. “What I have to say is that the owner of Cruzeiro is our fan. The owners are our fans. Let’s change this key. The fans will be heard. Let’s open the doors to the press. You can be sure of the affection I have for the fans and the love for Cruzeiro. I’m Cruzeiro. I’m not buying a business. It’s a passion. Let’s deal with this with passion and reason. Always facing the fans side. Let’s give Cruzeiro a shake-up, which needs it,” he said.
Pedro also confirmed Alexandre Mattos as Cruzeiro’s new football man. The manager had been at América since April 15th. “Alexandre Mattos is our football man. He has his own way. He’s excited. Pedro (Júnior, Lourenço’s eldest son) will be Alexandre’s assistant. I stay more in the background, on the bigger issues. They stay day to day,” he said.
The official signing will be at 4pm, at Toca da Raposa II, with the presence of the entire leadership of the former administration and the new directors.
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Gabriel Lima, Ronaldo and Pedro Lourenço announce the transaction involving Cruzeiro’s SAF
Credit: Guilherme Piu/Itatiaia
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Fans display banner against Ronaldo before game against Vitória
Credit: Guilherme Piu/Itatiaia
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Ronaldo was already considering selling SAF to Pedro Lourenço on April 6 this year
Credit: Reproduction
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Ronaldo alongside Gabriel Lima, CEO of Cruzeiro, before the game between Corinthians x Cruzeiro
Credit: Reproduction/TV Globo
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Ronaldo as a Cruzeiro player
Credit: Washington Alves/EM/D. The Press
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Ronaldo Fenômeno sold 90% of Cruzeiro’s SAF shares this Monday (29)
Credit: Staff Imagens / Cruzeiro
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Visit by Ronaldo, at Toca da Raposa 2, in Belo Horizonte.
Credit: . Photo: Gustavo Aleixo/Cruzeiro
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Ronaldo Fenômeno chose his “ideal team”.
Credit: Reproduction
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Ronaldo will watch the match against Coritiba for the Brazilian Championship
Credit: Gustavo Aleixo/Cruzeiro
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Credit: Reproduction / Itatiaia
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Ronaldo in the Mineirão box to watch Cruzeiro x Flamengo
Credit: ANDRé ARAúJO/ONZEX PRESS E IMAGENS/ESTADÃO CONTÚDO
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Ronaldo gave an interview to Canal GB, by Galvão Bueno
Credit: Canal GB / Reproduction
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Ronaldo is a majority member of Sociedade Anônima do Futebol (SAF)
Credit: Gustavo Aleixo/Cruzeiro
Pedrinho, as the businessman, owner of the Supermercados BH retail chain, is popularly known, acquired 90% of the shares of Cruzeiro SAF 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$350 million will be paid over ten years with Fenômeno.
The remaining 10% of SAF remains under the control of Cruzeiro (association).
Summary of the Ronaldo era
Ronaldo announced the purchase of SAF on December 18, 2021, in São Paulo. In January 2022, the businessman began management. But the purchase only became official in March of that year, after approval by the Deliberative Council of adjustments to the contract. The then majority partner assumed the tax debt, in the order of R$ 180 million, in exchange for Tocas da Raposa I and II.
Previously, the Phenomenon already had obligations to pay civil association debts in the sporting field (FIFA and CNRD) and manage judicial recovery (labor and civil debts).
In parallel with his mission to reduce Cruzeiro’s debt, estimated at R$1.05 billion, Ronaldo’s goal was to return Cruzeiro to Série A, since the club had been relegated in 2019 under the management of Wagner Pires e Sá and Itair Machado. Access was gained in the first year of management, with the Series B title.
Upon returning to Série A, in 2023, Cruzeiro fought against relegation, but ultimately achieved its goal of finishing in 14th place, with 47 points and a place in the Copa Sudamericana.
The pressure on the SAF management increased this year, after the elimination in the first phase of the Copa do Brasil to the modest Sousa-PB and after the loss of the Campeonato Mineiro to rival Atlético. The fans’ main criticism was in relation to the lack of investment that could make the team more competitive in the South American and Brasileirão. Other negative points of the management were the lack of transparency, poor communication with fans and the press and the successive changes of coaches, very much in the “association” style.
Responsibilities
In addition to commanding the entire Cruzeiro football department, Pedro Lourenço will assume all the responsibilities that belonged to Tara Sports, Ronaldo’s holding company and then owner of SAF.
Pedro will assume the payment of civil and labor debts under the judicial recovery regime; payment of tax debt; payment of debts related to sports (FIFA and CNRD); and control of Tocas da Raposa I and II.
Cruzeiro’s administrative headquarters, in Barro Preto, in Belo Horizonte, was already rented to the Supermercados BH chain, owned by Pedro Lourenço, for a period of ten years. The deal was closed in exchange for an advance payment of R$11 million, in 2021.
New SAF organizational chart
Upon officially taking over the management of Sociedade Anônima do Futebol, Pedro Lourenço will have to set up Cruzeiro’s new organizational chart. Until then, the CEO in the Ronaldo era was Gabriel Lima.
Pedro Júnior, Lourenço’s eldest son, should take over the role of CEO, which was previously in charge of Gabriel Lima.
Gabriel Lima will participate in the entire transition process and will take care of the administration of the SAF for a determined period of time.
Alexandre Mattos will be in charge of the football department, but will certainly hire a new manager to help him on a day-to-day basis and liaise with the squad.
The rules of Cruzeiro SAF control
- Payment of civil and labor debts under the judicial recovery regime to be drawn up by mutual agreement between the parties;
- SAF will be responsible for paying the tax debt;
- Debts related to sports (FIFA and CNRD) will be the responsibility of SAF;
- Payment of R$50 million upon signing of the Investment Agreement. Committed capital of R$350 million to be paid in 5 years through capital contribution and/or through incremental revenues above the average revenue between the periods from 2017 to 2021;
- In case of non-compliance with the investment commitment, the investor may be diluted up to a proportionate share of the paid-in capital;
- In case of sale of a majority stake to a third party, the new investor will need to comply with profile requirements, in addition to following the terms of the shareholders’ agreement and the current investment agreement;
- Association will hold vetoes for matters that are currently provided for by law (e.g. changes to public places, coat of arms, etc.);
- The Association will have the right to appoint 1 member to the Board of Directors and 1 member to the Supervisory Board, thus obtaining access to all pertinent information relating to the management of the SAF investor;
- Ronaldo Nazário de Lima will necessarily remain a member of the Board of Directors until Tara Sports sells its majority stake;
- Lock-up for sale of control for 60 months or until full investment commitment of the additional R$350 million;
- Forecast of incremental remuneration for the Association from the sale of control of SAF assuming minimum return for the investor;
- Option to purchase investor participation in cases that make it impossible for the investor to normally continue the course of the established project;
- Licensing of the Cruzeiro Brand to SAF, with payment of royalties to the Association, after paying off all the Association’s debts;
- The association’s right to make a first offer for the majority shareholder’s participation if the majority shareholder initiates an organized sale process.
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This content was originally created in Itatiaia.
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