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April 29, 2024
Two-time World Cup champion Ronaldo Nazário has agreed to sell his stake in the troubled Brazilian soccer club Cruzeiro as of Monday. He also intends to pursue a similar course of action with Real Valladolid, the Spanish second division club he has owned since 2018.
In 2021, he acquired the financially troubled club’s soccer division for approximately $78 million and is reportedly selling it for nearly $117 million.
The Brazilian legend began his career at the Belo Horizonte-based club, but during his tenure as owner, he faced criticism from fans for not investing as much as he had pledged. Similar accusations were directed at him regarding his ownership of Real Valladolid in Spain’s second division.
“Maybe some have exaggerated a little going against me, but this is irrelevant to me,” Ronaldo Nazário said in a news conference after selling his stake.
“I know most fans are grateful to me and my team for putting Cruzeiro back in the national and international scene. My goal was reached, that was always the idea. To bring Cruzeiro back and, at the right time, give it to the right person.”
He did not offer many specifics on how he plans to exit his investment in Valladolid, where he acquired a 51% stake six years prior.
“My answer will be a short one; Valladolid is next,” Ronaldo Nazario said. “I will take some time off (after selling both Cruzeiro and Valladolid).”
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Supporters of the Spanish club have voiced their frustrations with Ronaldo Nazário’s management, pointing out that while he has sold players for substantial sums, he has not reinvested enough back into the team, which has faced relegation twice since he took over.
Cruzeiro’s new soccer division owner is Pedro Figueiredo, a billionaire and passionate fan who founded one of Brazil’s largest supermarket chains. In a recent press conference, he stated that settling the club’s debts would take him a decade.
Ronaldo Nazário acquired Cruzeiro’s soccer division through a business model known in Brazil as SAF. This model establishes public limited companies for clubs frequently facing financial distress. This approach allows the more profitable soccer departments to operate independently while the rest of the club remains under the management of its associates.
Although Cruzeiro amassed numerous trophies over the past two decades, it spent the years 2020 to 2022 in Brazil’s second division. Concerns are growing that it might cease to exist due to its enormous debt, which exceeded 1 billion Brazilian reals (approximately $200 million).
Ronaldo Nazário’s decision to chip in helped the club stay afloat during its worst days.
“Cruzeiro was in intensive care when I came. I halved the debts, the revenue increased five times. I am leaving Cruzeiro in a comfortable hospital bedroom now,” he said.
In recent years, six other top-tier clubs have opted to sell their soccer divisions through SAF arrangements, reflecting a growing trend in Brazilian football. Among these clubs is Cruzeiro’s archrival, Atlético Mineiro, which has made significant changes to enhance its competitiveness. Additionally, Bahia has become part of the Manchester City group, bringing international investment and expertise to the Brazilian club. John Textor’s Botafogo is another notable example of embracing this model to secure a brighter financial future.
On Sunday, Cruzeiro fans demonstrated their enthusiasm for Ronaldo Nazário’s departure. They displayed a banner at Mineirão Stadium that read “Bye, Ronaldo” during the team’s 3-1 victory over Vitória in the Brazilian championship. For many supporters, Ronaldo was more closely associated with local rival Corinthians, where he concluded his professional career in 2011.
However, new owner Figueiredo came to Ronaldo’s defense.
“I apologize on behalf of Cruzeiro fans,” Figueiredo said. “What some did to Ronaldo was not fair. He put his name in the business and he is upset with this situation. I hope tomorrow [the criticism] is not against me.”
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Katarzyna Nowak is a seasoned writer with over five years of experience in editorial content, news reporting, and football sportsbook app reviews. As an author for Football News Today, she combines her deep understanding of the sports betting industry with a passion for football, delivering insightful and accurate content that keeps readers informed and engaged.
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