XP launches fund for investment in football TV shares – 09/01/2023 – Market
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XP Asset and LCP (Life Capital Partners) announced this Thursday the creation of a fund for investment in TV rights for Brazilian Championship football clubs.
LCP is one of the investors in Liga Forte Futebol (LFF) and União, which until now bring together 26 clubs, including Atlético Mineiro, Cruzeiro, Vasco, Botafogo, Fluminense and Internacional.
Understand: the Sports Media Futebol Brasileiro Advisory fund has a minimum investment of BRL 10 thousand and is aimed at qualified investors (with at least R$ 1 million in equity invested).
- The idea is that quotaholders will receive a portion of the revenue that Brazilian football clubs have with broadcasting rights from 2025.
- The fund’s objective is to raise BRL 800 million, with a minimum target of BRL 400 million, according to the UOL portal. If this amount is not reached by the end of September, the fund will be dissolved.
The dispute involving clubs, banks and investors:
↳ at LFF, are LCP and Serengeti investors. They are assisted by XP in negotiating with the clubs. The contract provides for the payment of BRL 2.6 billion to the clubs for 20% of TV rights from 2025 to 2075.
↳ In Libra (Brazilian Football League), there is Mubadala, a fund linked to the monarchy of the United Arab Emirates, assisted by BTG Pactual. The proposal is BRL 1.02 billion for 12.5% of the TV revenues of the 15 clubs that are part of the league. The period is the same as for the LFF.
The goal of clubs and also of investors was the creation of a single league, which would have the power to sell the broadcasting rights, in addition to organizing and managing the championship as a business. That’s how it works in England and Spain.
What stops the single league: Clubs differ on revenue sharing percentage and other aspects of governance. In July, a splinter group formed by Botafogo, Coritiba, Cruzeiro and Vasco –all SAFs– created União, which also reached an agreement with LFF investors.
Who’s with who:
LFF: ABC (RN), Athletico (PR), Atlético Mineiro, América-MG, Atlético Goianiense, Avai (SC), Brusque (SC), Chapecoense (SC), Coritiba (PR), Ceará, Criciúma (SC), CRB (AL), CSA (AL), Cuiabá (MT), Figueirense (SC), Fluminense (RJ), Fortaleza (CE), Goiás (GO), Internacional (RS), Juventude (RS), Londrina (PR), Náutico (PE), Operário (PR), Sport (PE), Vila Nova (GO) and Tombense (MG).
Lb: Bahia, Corinthians, Flamengo, Grêmio, Guarani, Ituano, Mirassol, Novorizontino, Palmeiras, Ponte Preta, Red Bull Bragantino, Sampaio Corrêa, Santos, São Paulo and Vitória.
Stock market closes the month with bitterness about the fiscal
The Stock Exchange closed sharply and the dollar rose this Thursday, reflecting the uncertainty among market agents about the government’s ability to comply with next year’s Budget.
In numbers: the Ibovespa retreated 1.52%, to 115,741 points, while the American currency rose 1.65%, to R$ 4.94.
- In August, the stock market fell 5.08%, in the worst month since February. The dollar accumulated an increase of 4.67%the highest since June last year.
Which explains:
Fiscal: the market is skeptical of the government’s decision to maintain the zero deficit target for 2024, relying on measures that have not yet been approved by Congress. This Thursday, the government sent next year’s budget for consideration by parliamentarians.
JCP: the bill that proposes to put an end to Interest on Own Capital also weighed on actions, mainly those of banks. The mechanism works as a way for a company to remunerate its shareholders by paying less taxes.
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