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Benfica Stars Fund

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Benfica Stars Fund
Company typeInvestment Funds
ISINPTYEVLIM0004
IndustryAssociation football
Founded30 September 2009 (2009-09-30)
Defunct30 September 2014 (2014-09-30)
HeadquartersPortugal

Benfica Stars Fund was a football investment fund belonging to Portuguese club Benfica's SAD, a public limited sports company responsible for the financial management of the club's professional football team.

The fund was set up by ESAF – Espírito Santo Fundos de Investimento Mobiliário SA on 30 September 2009. At first the fund had 8,000,000 unit each with €5 each.

History

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Benfica Stars Fund was the fourth investment fund of Portuguese football, after First Portuguese Football Players Funds in the 2000s. Moreover, Benfica was the last of the "Big Three" clubs in Portugal to set-up an investment fund. The club sold part of the economic rights of 12 players to the fund, in exchange for cash. If Benfica sold the players, Benfica would give back a percentage of transfer fees received to the fund. In October 2009, S.L. Benfica SAD invested €6 million to the fund, accounted for 15% of total units.[1] The club then sold more players to the fund, made the subscription, in turn became an injection of asset instead of cash.

After the sale of David Luiz in January and Fábio Coentrão in summer 2011, the fund acquired five players from Benfica instead of keeping cash for €6.135 million.

As an asset, the rights were amortized proportionally according to the length of contract (between players and club). Moreover, the fund also bore the admission fee related to player transaction, tax arose, agent fee and FIFA solidarity mechanism (5% of transfer fee distributed to youth clubs) proportionality to the ownership ratio. Thus, to make the fund profitable, the club had to sell the player above the fee that the fund acquired. The club had to ask the fund if the club had to sell the player below the reference price of the fund.[2]

On 31 July 2014, Benfica SAD (which owned 15%) completed the acquisition of Benfica Stars Fund by spending around €28.9 million for 85% (decreased from €34 million in 2009), purchasing the remaining economic rights of nine players (with a valuation of €5,079,437), as well as €21,704,300 deposits and future receivable from bonus clauses.[3][4]

Investments

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Date Players Nationality Percentage Price Departed date Departed team Departed revenue (adj.)
30 September 2009 David Luiz Brazil 25% €4.5M[5] 31 January 2011 England Chelsea €6.25M[6] + €0.5M (value of Matić)[7]
30 September 2009 Rúben Amorim Portugal 50% €1.5M 8 September 2014 Bought back Lump sum[3]
30 September 2009 David Simão Portugal 25% €0.375M 31 July 2013 Portugal Arouca €375,000[8]
30 September 2009 Ángel Di María Argentina 20% €4.4M 29 June 2010 Spain Real Madrid €5.0M + Bonus[9]
30 September 2009 Javi García Spain 20% €3.4M 31 August 2012 England Manchester City €4.0M + Bonus[10]
30 September 2009 Roderick Miranda Portugal 25% €2.0M 31 July 2013 Portugal Rio Ave Undisclosed[11]
30 September 2009 Nélson Oliveira Portugal 25% €2.0M 8 September 2014 Bought back Lump sum[3]
30 September 2009 Leandro Pimenta Portugal 25% €0.375M 31 July 2013 Portugal Gil Vicente Undisclosed[12]
30 September 2009 José Shaffer Argentina 40% €1.4M 27 September 2012 Bought back (Released) €120,000[13][14]
30 September 2009 Urreta Uruguay 20% €1.2M 8 September 2014 Bought back (Released) Lump sum[3]
30 September 2009 Miguel Vítor Portugal 25% €0.5M 30 June 2013 Released €0[15]
30 September 2009 Ishmael Yartey Ghana 25% €0.375M 19 July 2012 France Sochaux €562,500[14][16]
10 February 2010 Óscar Cardozo Paraguay 20% €4.0M 4 August 2014 Turkey Trabzonspor €1M + bonus [17]
10 February 2010 Fábio Coentrão Portugal 20% €3.0M 5 July 2011 Spain Real Madrid €6.0M[18]
10 February 2010 Felipe Menezes Brazil 30% €1.5M 31 July 2013 Brazil Palmeiras €1.5M[8]
10 February 2010 Rafik Halliche Algeria 20% €0.4M 23 August 2010 England Fulham[19] €511,211[20]
10 February 2010 Maxi Pereira Uruguay 30% €1.35M[21] 8 September 2014 Bought back Lump sum[3]
20 June 2010 Airton Brazil 40% €3.0M[22] 8 September 2014 Bought back Lump sum[3]
20 June 2010 Alan Kardec Brazil 50% €3.0M 1 May 2014 Brazil São Paulo €2.25M[23]
30 September 2011 Bruno César Brazil 15% €1.035M[24] 21 January 2013 Saudi Arabia Al Ahli €1.035M[8]
30 September 2011 Franco Jara Argentina 10% €0.6M 8 September 2014 Bought back Lump sum[3]
30 September 2011 Nicolás Gaitán Argentina 15% €2.025M 8 September 2014 Bought back Lump sum[3]
30 September 2011 Ezequiel Garay Argentina 10% €1.175M 25 June 2014 Russia Zenit Saint Petersburg €600,000 [25]
30 September 2011 Nolito Spain 20% €1.3M 31 July 2013 Spain Celta de Vigo €1.3M[8][26]
28 June 2013 Rodrigo Spain 24% €3.6M 31 January 2014 Spain Valencia €7.2M[23]
28 June 2013 André Gomes Portugal 20% €0.8M 31 January 2014 Spain Valencia €3M[23]
28 June 2013 Filip Đuričić Serbia 20% €2.0M 8 September 2014 Bought back Lump sum[3]
28 June 2013 Miralem Sulejmani Serbia 25% €1.25M 8 September 2014 Bought back Lump sum[3]
Total €52.06M €45,783,148 + undisclosed

See also

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References

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  1. ^ "Sport Lisboa e Benfica - Futebol, SAD announces subscription to Benfica Stars Fund" (PDF). Portuguese Securities Market Commission (CMVM) (in Portuguese). S.L. Benfica. 6 October 2009.
  2. ^ "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 3 May 2010.
  3. ^ a b c d e f g h i j "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 8 September 2014.
  4. ^ "Águias resgatam jogadores ao Benfica Stars Fund por 29 milhões" [Eagles rescue players from Benfica Stars Fund for €29 million] (in Portuguese). Record. 8 September 2014. Archived from the original on 8 September 2014. Retrieved 8 September 2014.
  5. ^ "Sport Lisboa e Benfica - Futebol, SAD announces conveyance of players' economic sporting rights to Benfica Stars Fund" (PDF). CMVM. S.L. Benfica. 30 September 2010.
  6. ^ "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 31 January 2011.
  7. ^ "Benfica Stars Fund financial report on 30 June 2011" (PDF). CMVM (in Portuguese). Benfica Stars Fund.
  8. ^ a b c d "Benfica Stars Fund financial report" (PDF). CMVM (in Portuguese). Benfica Stars Fund. 30 June 2013.
  9. ^ "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 28 June 2010.
  10. ^ "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 31 August 2012.
  11. ^ "Roderick assinou por 5 épocas" [Roderick signed for 5 seasons]. Rio Ave F.C. (in Portuguese). 3 August 2013. Archived from the original on 7 August 2013. Retrieved 3 August 2013.
  12. ^ "Leandro Pimenta reforço do Gil Vicente por 3 anos". Gil Vicente F.C. 17 July 2013. Archived from the original on 22 July 2013.
  13. ^ "Shaffer rescindiu e é um jogador livre" [Shaffer terminates contract and is now a free agent] (in Portuguese). Relvado.com. 27 September 2012. Archived from the original on 7 September 2014. Retrieved 27 September 2012.
  14. ^ a b "Benfica Stars Fund financial report" (PDF). CMVM (in Portuguese). Benfica Stars Fund. 31 December 2012.
  15. ^ "Miguel Vítor de saída" [Miguel Vítor leaving]. A Bola (in Portuguese). 25 May 2013. Archived from the original on 7 June 2013. Retrieved 26 May 2013.
  16. ^ "Visite médicale vendredi pour Yartey". FC Sochaux. 19 July 2012. Archived from the original on 22 July 2012. Retrieved 22 July 2012.
  17. ^ "Comunicado" [Announcement] (PDF). CMVM. S.L. Benfica. 4 August 2014.
  18. ^ "Fabio Coentrao inks contract". Real Madrid. 5 July 2011. Archived from the original on 9 July 2011. Retrieved 6 July 2011.
  19. ^ "Halliche no Fulham". S.L. Benfica (in Portuguese). 23 August 2010. Retrieved 20 December 2010.
  20. ^ "Benfica Stars Fund financial report on 31 December 2010" (PDF). CMVM (in Portuguese). Benfica Stars Fund.
  21. ^ "Sport Lisboa e Benfica - Futebol SAD announces transfer rate of athletes' economic rights to Benfica Stars Fund" (PDF). CMVM. S.L. Benfica. 10 February 2010. Retrieved 20 December 2010.
  22. ^ "Sport Lisboa e Benfica - Futebol SAD announces disposal of a percentage of athletes' financial rights to Benfica Stars Fund" (PDF). CMVM. S.L. Benfica. 20 June 2010. Retrieved 20 December 2010.
  23. ^ a b c "Relatório & Contas 2013/2014" [Annual report 2013–2014] (PDF) (in Portuguese). S.L. Benfica. 31 October 2014.
  24. ^ "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 30 September 2011.
  25. ^ "Comunicado" [Announcement] (PDF). CMVM (in Portuguese). S.L. Benfica. 25 June 2014.
  26. ^ "Nolito refuerza la delantera del Real Club Celta" [Nolito strengthens Real Club Celta's offense]. RC Celta de Vigo (in Spanish). 1 July 2013. Archived from the original on 23 September 2015. Retrieved 1 July 2013.
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