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Botafogo's SAF took a critical loan from GDA Luma in February 2026 to address urgent financial issues, including a transfer ban. The loan has imposed significant constraints on the club's operations.
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💸 How a loan squeezes finances and affects Botafogo's control
Amid severe financial and corporate turmoil, Botafogo’s SAF resorted to a “last-resort” loan from GDA Luma in February 2026.
The main goal was to settle urgent outstanding issues, such as the transfer ban caused by the delay in payment for Thiago Almada.
However, according to reporting by ge, the contract imposed severe constraints on the club.
The Globo Group website reported that the debt drastically limits Botafogo’s control over its own revenues and puts the SAF’s shares at risk.
GDA Luma has also already registered itself as an interested party in the judicial reorganization process and is one of the candidates to take control of the club after John Textor’s removal.
The agreement stipulates that all present and future revenues related to players (both in men’s and women’s football) serve as direct collateral for GDA Luma.
This directly affects ongoing negotiations, such as defender Barboza’s possible move to Palmeiras.
As an additional form of protection, GDA Luma required substantial corporate guarantees from the “relevant shareholders” involved in the transaction (Eagle Bidco, Eagle Football Holdings, and John Textor).
The conditions established were:
Note: GDA Luma is second in line to enforce these shares, since Ares has priority.
The original loan signed by Botafogo was for US$25 million (around R$124.2 million), with net proceeds of US$22.8 million after fees were deducted.
Botafogo faced severe financial turmoil and needed the loan to settle urgent issues, including a transfer ban due to delayed payments.
The loan imposes severe constraints on Botafogo, impacting its financial flexibility and control over club operations.
The loan aimed to resolve urgent financial matters, particularly to lift a transfer ban related to Thiago Almada's payment delays.

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According to ge, however, the payment was structured based on a Minimum Multiple on Invested Capital (MOIC).
The major problem arose when SAF Botafogo filed for the precautionary measure preceding judicial reorganization.
Under the contract, this constituted a serious breach of the agreement (uncured event of default), triggering drastic punitive mechanisms:
This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.