Botafogo president João Paulo Magalhaes issued a scathing letter on Thursday accusing Eagle Football Holdings, a company owned by John Textor and his partners, of diverting revenue from SAF alvinegra to cover debts and avoid Lyon’s relegation. According to the document, about 128 million US dollars would have left the Rio club to meet the needs of the French team, without returning, which would have put the operation in Brazil in an embarrassing situation.
Magalhães states that the crisis is part of an international conflict involving the United States, France, Belgium and England, and that it is now directly affecting Botafogo. He confirms that the Social Club did not request the departure of John Textor or the dissolution of the partnership with Eagle, but demands adherence to the shareholders agreement signed in March 2022.
“We just want to fulfill commitments,” says the president, stressing that Botafogo Social continues to recognize the importance of Textor in the club’s transformation.
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According to the document, in July, Textor’s foreign partners attempted to remove him from the Botafogo administration, a move similar to what happened in León. According to Magalhaes, the Botafogo Social had acted to prevent the removal, ensuring that Textor would continue to command the SAF.
“If it had not been for Botafogo Social’s intervention, he would have been removed,” he says.
When investigating the incident, the social council said it discovered that various revenues – including money from renovations, Libertadores trophies and Brazilian championship titles, proceeds from World Cup qualifiers and player sales amounts – could have been used to cover Lyon’s financial needs. Failure to recover the funds would have left the Saudi Football Association without resources to cover its basic expenses, which, according to Magalhaes, explains the club’s difficulty in meeting its obligations, even after unprecedented sporting achievements.
The President also stated that following the discovery, foreign investors from Eagle approached Botafogo Social to discuss the possibility of permanently removing Textor from the management of the SAF. The association’s council says it rejected the idea and protected the American again, out of fear of the intentions of other members.
In the letter, Magalhães describes a deep crisis scenario. He talks about a deficit that could range between R$ 300 million and R$ 500 million by 2026, the risk of a transfer ban, procedures in FIFA, and even difficulties in paying salaries. According to the president, remittances from foreign investors would have stopped, and the most urgent expenses were only recently covered thanks to the “personal effort” of CEO Cero Arruda and the Brazilian team of the SAF, who received public praise and thanks.
Magalhães stresses that the Social Club never requested the “return of football” or the departure of Textor, but demands transparency, respect and full compliance with the agreement signed between the two parties. The text ends with an appeal to black and white fans to remain vigilant in the face of the crisis.
The president, who claims to put “Botafogo above everything and everyone”, said: “Our protest is over. You, the fans, are also the guardians of Botafogo. We will never stop defending Botafogo.”