The Securities Market Commission (CMVM) lifted this Wednesday the suspension of trading in FC Porto’s SAD shares, following the disclosure of relevant information to the market, after clarifications given by the club.
“The Board of Directors of the Securities Market Commission (CMVM) determined on 03/Apr/2024 at 9:15 am (UTC), in accordance with article 214 and paragraph b) of no. Securities, the lifting of the suspension of trading in Futebol Clube do Porto – Futebol, SAD shares, following the disclosure of relevant information to the market”, says the CMVM in a statement.
Negotiations in SAD shares of the “dragons” had been suspended on Tuesday, and, after two clarifications from FC Porto on the day, one in the morning and another later in the day, the CMVM now ended up lifting the suspension.
CMVM decides to suspend FC Porto SAD shares pending “disclosure of relevant information to the market”
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On Monday, in an interview with the television station SIC, Pinto da Costa, president and candidate for the leadership of FC Porto in the April 27 elections, had praised a future capital contribution arising from the agreement sealed for 15 years with the northern company. American Legends.
After the CMVM ordered the suspension of negotiations, the “blue and white” explained that FC Porto SAD plans to sign a contract with the Legends in April, raising between 60 and 70 million euros (ME) by negotiating the commercial exploitation of Estádio do Dragão.
In a statement submitted to the CMVM, FC Porto updated the information it had transmitted hours earlier to the regulator, in which they pointed out the signing of this link with an international company by June 30th.
The global value “will be recorded immediately” in FC Porto SAD’s accounts, even if the respective payment “may not be made in full at the time of signing”.
The partnership will be embodied in “a minority stake, of up to 30%, in a new company”, which will explore commercial revenues directly associated with Estádio do Dragão, including ticketing or the venue’s designation rights, among others.
“Since this company will be part of the consolidation perimeter of FC Porto SAD, the value of this injected capital will be incorporated into the company’s consolidated accounts. FC Porto’s partner company will receive a portion — which will predictably be 30% as dividends — from the results generated by the businesses, with full risk sharing, from which significant growth is expected, given the international experience that the partner will bring to the commercial structure of the FC Porto Group”, explained the SAD administration chaired by Pinto da Costa.
Pinto da Costa, who is serving his 15th consecutive term and is the manager with the most titles and longevity in world football, will run for president of FC Porto with André Villas-Boas, former coach of the football team, and the businessman Nuno Lobo, defeated candidate in 2020, in the elections for governing bodies, on April 27, at Estádio do Dragão, in Porto.