Boavista reached an agreement with its creditors and avoided the closure of the club, announced this Tuesday, December 16th, the management of the team, which warns that this is not a definitive solution, but that it allows the institution to remain in activity.
In a statement, the Porto club said that, at the creditors’ meeting held this Tuesday, “the creditors accepted the proposal presented by management and made a commitment that opens the door to making the existing financial recovery plan viable”.
“At this moment, Boavista is committed to ensuring coverage of the current deficit of its operations, a condition that allows it to keep its structures open and guarantee the continuity of sports practice”but
Considering it is “in a particularly demanding context”, Boavista says that this agreement “results from the work carried out in dialogue with creditors and other parties involved in the process, allowing to safeguard the club’s regular activity, the participation of its teams in competition and the practice of sports by around 2,000 athletes, in various modalities”.
“The management emphasizes that this agreement does not constitute a definitive solution, but it represents a decisive step to preserve the activity of Boavista Futebol Clube, ensure its social function and create conditions for the construction of a structural and sustainable solution”he says.
Boavista’s management says it continues to have “negotiations with public entities and private investors with a view to implementing a solid and responsible financial recovery plan”in order to ensure the future of the club.
At the end of November, Boavista’s insolvency administrator had asked the Commercial Court of Vila Nova de Gaia to close the club, in a request in which the creditors’ committee decided to close the activity of the Porto emblem, an understanding followed by the insolvency administrator, “because it is generating losses for the insolvent estate, with the consequent accumulation of debt”.
Boavista’s liquidation had been approved in September, with creditors rejecting the 30-day postponement of the vote on the recovery plan by the checkered management, chaired by Rui Garrido Pereira, who appealed that deliberation and stressed at the time that he would adopt “all measures within his power to guarantee the regular functioning of the club”.
Responsible for ensuring the regular practice of sports for almost 2,000 young athletes, the ‘panthers’ consider the continuity of their activity “essential to preserve the institutional and historical value of Boavista and allow its recovery”, avoiding “wide-reaching” impacts, at a time when they no longer have a senior men’s football team.
“The management model applied to the liquidation of commercial companies is not directly applicable to sports clubs. Clubs perform a broad social function, the interruption of which is not limited to accounting impacts, but affects entire communities”he noted, saying that the eventual closure “does not determine the end” of Boavista.
The club holds 10% of the share capital of SAD, which was supposed to compete in the II League in 2025/26, but no longer had a professional team in the summer and was administratively relegated to the main echelon of AF Porto, being 18th and last placed and lining up as hosts at Parque Desportivo de Ramalde, about 2.5 kilometers from Bessa.