Brief: FC Porto Signs Amendment To Agreement With Ithaka

Futebol Clube do Porto Futebol SAD

02/08/2024 06:38

Aug 2 (Reuters) - Futebol Clube do Porto SAD  FCPP.LS :
    * SAID ON THURSDAY IT HAD SIGNED AMENDMENT TO "INVESTMENT
AND
SHAREHOLDERS' AGREEMENT" ("ISHA") WITH ITHAKA
    * PARTNERSHIP BETWEEN FC PORTO AND ITHAKA TO EXPLORE
COMERCIALLY
ESTADIO DO DRAGAO
    * ITHAKA TO ACQUIRE 30% OF ECONOMIC RIGHTS OF PORTO STADCO
FROM FC
PORTO FOR TOTAL AMOUNT THAT CAN ACHIEVE EUR 100 MLN
    * PAYMENT SCHEDULE: EUR 50 MLN EUROS AT CLOSING (ESTIMATED
TO BE
IN OCT 2024) AND EUR 15 MLN ON JUNE 2026
    * ADDITIONAL CONDITIONAL MAX AMOUNT OF MLN 15 EUR ON JULY
2026
    * FINAL MAX CONDITIONAL AMOUNT OF EUR 20 MLN ON JULY 2027
    * GUARANTEES CALL OPTION TO ACQUIRE 30% STAKE OF ITHAKA AT
END OF
YEAR 10 AND 15 OF PARTNERSHIP
    * ITHAKA SUPPORTS FC PORTO'S ISSUANCE OF DEBT BACKED BY 70%
OF
ECONOMIC RIGHTS OF PORTO STADCO THAT FC PORTO WILL CONTINUE TO
RETAIN
    * TO MAINTAIN MANAGEMENT CONTROL OF OPERATIONS OF PORTO
STADCO 
    * AFTER 25 YEARS, TO REGAIN 100% OF ECONOMIC RIGHTS OF PORTO
STADCO

        
 Source text: https://tinyurl.com/565nt3r9
 Further company coverage:  FCPP.LS  

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