Boavista: recovery plan rejected, club prepares new proposal
Club still maintains 31 sports disciplines and around 1,500 athletes
Boavista's main creditors on Wednesday rejected the chequered club's recovery plan, and negotiations will now begin on a new solution to be submitted by the end of the month, president Rui Garrido Pereira revealed.
Boavista presented its recovery plan and, subsequently, its business plan at the creditors' meeting, with the insolvency administrator stating at the start of proceedings that the club is complying with the injunctions set out in the reopening order, Rui Garrido Pereira explained in statements to the Lusa news agency.
According to the Boavista president, the plan failed to secure a favourable vote from the main creditors, particularly mortgage holders, who felt their interests were not safeguarded.
The board will, however, continue working with these entities to find a solution enabling the club's recovery by the end of the month, he pledged.
Rui Garrido Pereira also guaranteed that the club remains "in operation, in accordance with what has been happening since the resumption of the club's activities".