Vasco da Gama look set to become the latest Brazilian soccer club to be bought by outside investors on Monday when U.S. investment firm 777 Partners reached a deal to purchase a controlling stake, the Rio club said.
Vasco said the two parties signed a memorandum of understanding that values the club at 1.7 billion reais and includes an agreement by the Miami-based company to assume 700 million reais in debt.Register now for FREE unlimited access to Reuters.com"It is with pride that we announce the biggest accord in the history of Brazilian clubs," Vasco president Jorge Salgado said.
Investors 777 Partners, who have already sunk money into Italian club Genoa and Spanish side Sevilla, did not respond to requests for comment. However, although they have one of the biggest fan bases in Brazil, they have fallen on hard times recently and will spend a second consecutive year playing in Brazil's second division.
The deals come in the wake of a landmark decision by Brazil’s Congress to loosen long-standing rules governing club ownership.
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