Benfica admits the possibility of buying the stake above 16% held by José António dos Santos, known as the "King of Chickens", and by the Valouro Group in the SAD encarnada. However, the vice-president and financial administrator of the SAD, Nuno Catarino, states that any transaction would have to be made "at market prices", highlighting that the club could not offer privileged conditions to a shareholder without launching a takeover bid, which would require around 100 million euros. Catarino acknowledges that the shareholder's valuation perspective is different from the club's, although he respects that perspective.
Recently, the Entrepreneurial Equity Partners group of Tim Lieweke renounced the purchase of a 16% stake in the SAD. Nuno Catarino explains that Benfica, upon being notified of the intention according to the statutes, entered the field to verify if the rules were being complied with, requesting additional information. The group eventually withdrew, and Catarino believes it will have concluded that it would be difficult to comply with the rules or find sufficient mitigants.
Regarding the issue with Lenore Sport Partners, Catarino clarifies that the court process is not directly related to this entity, which bought shares as part of a judicial auction. Benfica requested the court to exercise the right of first refusal over these shares, but has not yet received a response.
As for the club's valuation, Catarino states that Benfica has an "associative matrix" that does not fit within normal valuation parameters, and this is the club's greatest strength. Nevertheless, he believes that Benfica's valuation would be "above one billion euros" if made using traditional metrics, although he notes that these comparisons have a theoretical element. The official acknowledges that recent operations in European football, such as the sale of Liverpool for 6.3 billion euros, frequently involve associated real estate, which differs from the reality of many clubs.
