A lively General Meeting heard from club President Isidoro Sousa regarding the relationship between the newly created SAD (limited sports company) and Sporting Clube Olhanense.
He said: “When we needed a solution to our financial problems, no one stepped forward. After we introduced the new consortium we were criticised. The creation of the current SAD was the best solution to stabilise professional football. Now we want to resolve the problems of the main club.”
The club has registered a P.E.R. which is a special process created in the Code of Insolvency and Recovery of Companies (CIRE), intended to enable any debtor that has economic difficulties but is still capable of recovery, to establish negotiations with the respective creditors in order to reach an agreement whilst remaining active in a commercial environment.
SC Olhanense is believed to owe €3 million including payments to social security, suppliers, staff, former players and coaches.
Isidoro Sousa went on to say: “It is the best way of paying the debt in the long term and I am hopeful that part of the three months of unpaid wages to club employees can be settled in the next few days.”
It is believed that former managers Sérgio Conceição and Manuel Cajuda are taking legal action through the courts.
