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Vasco presents its financial statement and announces debts in excess of R $ 800 million |  Vasco

Vasco presents its financial statement and announces debts in excess of R $ 800 million | Vasco

In an unprecedented club event, Vasco held a press conference – online – to present the 2020 balance sheet. During the broadcast, the Vasco Board of Directors announced Net debt of R $ 832 million.

Vasco’s deputy finance minister, Adriano Mendes, provided the numbers. Like President Jorge Salgado, Vice President General Carlos Roberto Osorio and Second Vice General Roberto Duque Estrada, he was optimistic about Vasco’s plans to fight debt. But he acknowledged that the threshold was “very poor”.

The debt reached R $ 832 million. It has current and non-current assets and is a non-chargeable balance. Too high debt, too big debt, we shouldn’t have gotten to it. Too bad standard for us. The worst thing about it is not just being big, the worst of it is winning 350 million reais in the short term. We’re talking about winning 40% the following year, which is the current year. Too bad photo – Adriano Mendes explained.

Vasco advances a net debt of R $ 832 million – Photo: Reproduction / VascoTV

After explaining it, Adriano Mendes briefly explained how Vasco intends to work on reducing this debt.

A club like us, with huge debts, is choking the club in the short term, needs management aimed at surpluses in order to be able to write off the debt. That is not an option. You look at the numbers, they talk to us. It is an incompatible framework, and it cannot be accepted as management planning. We’ll fight this scale, try to restructure and understand the creditors – the VP of Finance continued.

We need a surplus to deal with a debt of R $ 800 million, to have a strong team and have the Vasco we want. The challenge is great. In 2020, we had 192 million reais in revenues and expenses of 250 million reais. It just shows how difficult layoffs can be. Nobody likes shooting, I know the staff. They are dedicated. It’s tough, but unfortunately that’s what we had to do. He added that our revenues amount to 100 million reais and expenses cannot continue to be 250 million reais.

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Carlos Roberto Osorio, Jorge Salgado, Adriano Mendes and Roberto Duque Estrada at a press conference in Vasco – Photo: Reproduction / Vasco TV

Adriano Mendes commented on the reworking of the Vasco football division, headed by director Alexandre Bird.

There are sports results that everyone regrets, culminating in regression. We are talking about the financial part, but it is smaller. There was little budget control over spending on football. Now, we are attacking that. Complete redesign of process, profile, and procedures, but also cost. The worst account is the one you don’t know how to pay. He said that if football management were ineffective, this would lead to the inefficiency of the entire club.

The Vice President for Finance concluded by saying that 2021 will be a difficult year, but the administration’s expectations are good for the coming years.

– In 2021, steps must be taken to achieve fiscal balance with each worsening, standstill and structure the future. Handle costs better and return to the first division. This year is going to be challenging, and the numbers have clearly talked about it. The national scenario, the Covid-19 case, but we’re doing where we go this year. During this year, Vasco, look at the next year. It is restructuring in the difficulty of returning the same calm. The same horror that we had, we lost 70 million BRL, we will have another 70 million BRL. We have a planned increase in revenue to R $ 400 million. We are so efficient and facing this issue so we can get back to the fastest ever. This is the numerical message – finished.

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“It has already happened with other clubs, but we will recover like Vasco. Stronger than the others.”

Vasco delivers 2020 financial statement – Photo: Reproduced / VascoTV

Salgado: “The results are starting to appear.”

The first to speak on the show was President Jorge Salgado. Try to reassure Vasco fans about the numbers that will be presented.

Unfortunately, we had to adjust the number of our staff. And in these three months, we’ve also made progress in the management area. We’ve appointed the CEO, Louise Mello. In the administrative area, we have appointed an audit firm, Alvares and Marsal. In the financial sphere, we try to understand tax liability. In football, we did a deep rework, and we brought in Alexander Bird, who had worked for a long time in Sao Paulo. It’s introducing new practices and making adjustments to contracts and costs in the department – the chairperson explained.

– The first results are starting to appear, we brought in Marcelo Cabo as coach. We were able to renegotiate contracts, transfer players, and hire other players. We started the Italian League season with a lot of optimism. I think we are organized, we have a strong team and leadership at the level of our club – he added.

Vasco Presents Short-Term Debt Reduction Measures – Photo: Reproduction / VascoTV

– This process did not happen only and exclusively from last year until now. It comes from the 2000s here. It starts in a debt of 1 million Rials, goes to 5 million Rials and reaches 800 Million Rials. It was not the previous administration that brought this debt R $ 800 million. What we need to do is not search for the exact culprits. Our responsibility goes ahead. The previous administration contributed to the losses, but it wasn’t just the cause of all the turmoil, the debt was built in 20 years. We now have an integrity board that reviews all contracts. The people responsible for this will have to take the blame. At the moment, there is no thought to do this or that until the diagnosis is made – he said.

Jorge Salgado was also asked about expectations for a salary settlement for both employees, players and members of the football division.

One of the goals of our management is to be able to pay salaries on time. We found the club was four wages arrears. From an employee perspective, maybe earlier this week we’ll be adjusting for February and March. From a football point of view, we’re practically on the lookout. This is not the ideal situation yet, but our goal is to organize the staff. We’re in the middle of a reshuffle. Look at the recipe and bring the club to the size of the recipe – the boss is over.