Botafogo’s SAF Turns Down Eagle’s Offer, Disagreement with Textor Continues

Botafogo’s SAF, overseen by John Textor, has turned down a settlement proposal from Eagle to resolve their ongoing legal dispute, according to O Globo. In a filing to the Rio de Janeiro court, the SAF’s attorneys stated that the “format and conditions suggested are not justified at this stage,” which goes against Textor’s earlier claims that “the fight was over.”

The submission accused Eagle of offering a “unilateral adjustment, similar to an adhesion contract,” with only two days for acceptance. The SAF’s defense acknowledged that discussions with Eagle “have not yet been concluded” and pointed out that during its General Assembly on September 12, the club decided against implementing any actions approved in the contentious July 17 meeting, including the transfer of shares to a Cayman Islands firm.

Eagle’s lawsuit aimed to suspend those decisions, arguing they were attempts by Textor to reduce its shareholding and tighten control. The group, which owns 90% of SAF’s shares, noted that the July meeting lacked independent director Christopher Mallon, who was designated to manage governance during the crisis.

This week, Eagle’s lawyers suggested terms for a possible settlement, such as mandatory participation of Mallon in all SAF meetings and halting any decisions made without him—steps that would greatly limit Textor’s power. While Eagle’s partners are open to eventually selling SAF to Textor, they demand that he first give up control. Simultaneously, Textor is looking for new investors to bolster his position.