He Vasco da Gama Brazilian and the investment group 777 Partners are intensifying their legal battle after the American company went to court on Tuesday to claim its rights to the first division soccer club. Last week, a judge in Rio de Janeiro preventively removed 777 Partners from the administration of Vasco’s football department after a series of complaints from the club. Brazilian law allows foreign entities to buy the rights to the football sections of multi-sports clubs, in an operation known as SAF.
The initial decision has yet to be confirmed, but the American group has stepped up its fight in the courts and is accusing the club of not paying image rights to its players on Monday, as planned. “This is the first time that salary or image rights payments have been delayed since we took over 18 months ago,” 777 said in a statement on Tuesday. “The precautionary measure that temporarily separates us from the Vasco SAF command prevented us from paying the bridge, as we did last year at the same time of the year, when football income was lower.” Vasco’s directors have stated that all players are up to date with the payment of their salaries.
The tug-of-war in Brazil has increased pressure on the Miami-based company, which has recently suffered court setbacks over its ownership of Belgian Standard Liege, in addition to other financial woes. A court in Liège ruled last week in favor of Standard’s former owner Bruno Venanzi, and the shareholders of the company that owns the club’s stadium. The 777’s legal problems add to its financial crisis. The Miami-based investment firm has also seen its Australian airline grounded in recent weeks. Other clubs in the 777 are Genoa and Hertha Berlin.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
