The Olhanense SAD (limited liability sports company) is very close to being acquired by Luiz Andrade. The Brazilian businessman, who led CD Aves to Portuguese Cup success when they beat Sporting Lisbon in the final last May, is now focused on a new challenge.
The Record newspaper has learnt that negotiations are well underway and Luiz Andrade’s purpose is to repeat his success at Vila das Aves, with the aim of getting Olhanense back to the Primeira Liga in just three seasons.
The historic club now competes in the Portuguese Championship at level three of the pyramid.
Recent indicators around Olhanense have pointed to a situation of pre-collapse, with funds exhausted and a mass departure of top players. With the Italian investors looking for an early exit, Luiz Andrade might well be the saviour if his advisers can reach an agreement with the Olhanense SAD regarding the outstanding debts due to creditors.
Andrade’s wish, a few months ago, was to take complete control of the Galaxy Believers company, which manages the SAD of Aves, but he failed due to the intransigence of Chinese investors to sell their share and his resignation from the presidency of the company soon followed. Now he only maintains a 10% stake whose representation is in his wife’s name, Ionela Andrade.
Officially, the information emanating from Olhanense is that contacts were established, but that business is not yet finalised, and a statement should be forthcoming within days. A Bola paper has announced it as a done deal stating, “Luiz Andrade, former president of SAD Aves, is the new majority shareholder of Olhanense, after reaching an agreement with Italian investors to acquire 80% of the capital stock – the remaining 20% are in the possession of SC Olhanense. The deal was sealed a few days ago but will only be made official in principle over the next week.”
A source close to the new shareholder has announced that the management team of Luiz Andrade will integrate some of those that have worked with him at CD Aves since 2015. Aves were promoted to the Primeira Liga as runners-up to Portimonense 15 months ago and finished 13th in the top flight last season. Indications are that, should the takeover be confirmed, at least 10 new players will be brought in to make a concerted challenge for promotion from the Campeonato de Portugal.
By CHRIS WRIGHT
Photo: Luiz Andrade