CMVM suspends FC Porto SAD shares after Pinto da Costa interview | Soccer

The Securities Market Commission (CMVM) suspended trading in FC Porto SAD shares. The decision was communicated this Tuesday morning, with the regulated company now awaiting “relevant information to the market”. PÚBLICO found that this decision was taken after several statements made in the interview with the director broadcast on SIC this Monday about financial operations, statements that require due confirmation to the markets.

Shortly after the suspension of Porto’s shares became known, FC Porto’s SAD issued a statement in which it clarified that “a reformulation” of the medium and long-term debt “in an estimated amount of 250 million euros” is being negotiated. The “dragons” guarantee that this operation has “a competitive interest rate in market terms”.

In this same statement, the “blue and white” also speak of signing a contract with a “reputable international company”, a deal that will involve an injection of capital in an estimated amount “between 60 and 70 million euros”. This will increase equity capital by the same amount and will result in a minority stake of this international entity in one of the companies with commercial rights of the FC Porto group.

When asked about ongoing financial operations, Pinto da Costa “passed the buck” to Fernando Gomes, vice-president in charge of finance, saying he did not know the details of the business and reiterating his trust in the financial administrator.

As revealed in the presentation of plans for the club’s new academy, Fernando Gomes is days away from leaving FC Porto, with the Porto president proposing businessman João Rafael Koehler, one of the founders of the management company, for the financial management of the club. of Quadrantis venture capital. This entity was mentioned during the interview with the director, given the connection to the anticipation of revenue that allowed treasury obligations to be met. The interest that FC Porto pays, however, was not revealed, but Pinto da Costa guaranteed that the club will not be held hostage by funds.

Pinto da Costa investigated

The CMVM is currently investigating the purchase of SAD shares by Jorge Nuno Pinto da Costa, president of the “dragons”. The director purchased shares on February 1, less than 30 days before the presentation of the accounts, a practice prohibited by law. In an interview with SIC broadcast this Monday, Pinto da Costa downplayed the regulator’s investigation.

“I think it’s a ridiculous case. I’ve been a shareholder in FC Porto since day one and I’ve been buying, depending on my availability, shares in FC Porto. One day before the General Assembly is one month old [de apresentação de contas], I bought two or three thousand FC Porto shares. This is a huge crime”, he joked.

Last Thursday, FCP SAD shares closed trading at 1.15 euros. The CMVM information was communicated after 10am, with no transaction in Porto shares taking place this Tuesday.

This is the second time in 2024 that the CMVM has asked Porto’s SAD for explanations. When presenting his re-candidacy for the presidency, Pinto da Costa promised his partners positive equity capital, something that contradicted the information held by the regulator that indicated a negative value in this item. Days later, FC Porto’s SAD issued a statement correcting the director’s statements, stating that equity would be “close to a positive amount”.

The information provided by SAD would be confirmed mere days later, with the Porto players presenting 8.5 million euros in negative equity in their report and accounts.

News updated at 11:29 am: clarification from FC Porto SAD added