Teams give ultimatum for XP and background to settle with league – 06/18/2023 – Panel SA

Tired of the promises, the Liga Forte Futebol (LFF) teams gave an ultimatum to XP and the Serengeti fund at the Friday meeting that preceded the club assembly.

Both organize the financial operation to try to close a contract with the group for the rights to broadcast the games, a way to maintain the attraction of the clubs against their flirtation with Mubadala, a powerful fund from the United Arab Emirates that negotiates the purchase of Libra rights (Liga do Brazilian Football), rival of the LFF.

In dispute is a slice of the broadcasting rights of the clubs from 2025, the year in which TV Globo ceases to have the exclusivity of the Brazilian Championship.

Headed by Fluminense and Athletico Paranaense, the presidents of the biggest clubs in the league asked that the contract be signed by the end of this month.

The terms: payment of half of the total amount (which may reach R$ 2.3 billion); the second installment of 25%, in 12 months, and the remainder after 18 months.

They also want protection clauses for delays that, if they reach 30 days, trigger an automatic termination mechanism of the contract without the amounts already paid being returned.

If investors do not accept the conditions, clubs would be free to seek other alternatives.

According to the clubs, XP and Serengeti asked for more time to structure a new proposal that could be taken to all clubs next week.

The mood swing at the LFF summit comes a week after clubs such as Atlético Mineiro, Internacional, Coritiba and Juventude criticized unfulfilled promises and threatened to leave the group.

Marcelo Paz, president of Fortaleza and a member of the league, denies the impasse regarding payments and says that Forte Futebol continues to seek an understanding between the clubs.

“What was always discussed within the LFF is that the clubs would receive the advance money after signing the documents, which is about to happen soon. We are very close to the agreement and the amount to be advanced by XP”, said the top hat.

What delays the process, according to people who participated in the negotiations for the LFF, is the regularization of all the documentation that involves the transfer of the league’s rights to Serengeti —already in the final phase—, in addition to the approval of the deal by the clubs’ councils.

With Diego Felix

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