Benfica Stars Fund

History

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. 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.

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.

Investments

References

References

1. (6 October 2009). "Sport Lisboa e Benfica - Futebol, SAD announces subscription to Benfica Stars Fund.". S.L. Benfica.
2. (3 May 2010). "Comunicado". S.L. Benfica.
3. (8 September 2014). "Comunicado". S.L. Benfica.
4. (8 September 2014). "Águias resgatam jogadores ao Benfica Stars Fund por 29 milhões". [[Record (Portuguese newspaper).
5. (30 September 2010). "Sport Lisboa e Benfica - Futebol, SAD announces conveyance of players' economic sporting rights to Benfica Stars Fund.". S.L. Benfica.
6. (31 January 2011). "Comunicado". S.L. Benfica.
7. "Benfica Stars Fund financial report on 30 June 2011". Benfica Stars Fund.
8. (28 June 2010). "Comunicado". S.L. Benfica.
9. (31 August 2012). "Comunicado". S.L. Benfica.
10. (3 August 2013). "Roderick assinou por 5 épocas".
11. (17 July 2013). "Leandro Pimenta reforço do Gil Vicente por 3 anos".
12. (27 September 2012). "Shaffer rescindiu e é um jogador livre". Relvado.com.
13. (25 May 2013). "Miguel Vítor de saída". [[A Bola]].
14. (31 December 2012). "Benfica Stars Fund financial report". Benfica Stars Fund.
15. (19 July 2012). "Visite médicale vendredi pour Yartey". FC Sochaux.
16. (4 August 2014). "Comunicado". S.L. Benfica.
17. (5 July 2011). "Fabio Coentrao inks contract". Real Madrid.
18. (23 August 2010). "Halliche no Fulham". S.L. Benfica.
19. "Benfica Stars Fund financial report on 31 December 2010". Benfica Stars Fund.
20. (10 February 2010). "Sport Lisboa e Benfica - Futebol SAD announces transfer rate of athletes' economic rights to Benfica Stars Fund.". S.L. Benfica.
21. (20 June 2010). "Sport Lisboa e Benfica - Futebol SAD announces disposal of a percentage of athletes' financial rights to Benfica Stars Fund.". S.L. Benfica.
22. (30 September 2011). "Comunicado". S.L. Benfica.
23. (30 June 2013). "Benfica Stars Fund financial report". Benfica Stars Fund.
24. (25 June 2014). "Comunicado". S.L. Benfica.
25. (1 July 2013). "Nolito refuerza la delantera del Real Club Celta". RC Celta de Vigo.
26. (31 October 2014). "Relatório & Contas 2013/2014". [[S.L. Benfica]].