Botafogo enters judicial reorganisation as Textor empire crumbles
May 19 – Reigning Copa Libertadores champions Botafogo have been placed into judicial reorganisation, which is the Brazilian equivalent of insolvency protection as the club edges toward financial collapse a year on from lifting South America’s biggest prize.
In a statement issued on 14 May, Botafogo described the move as “a necessary measure to protect the club, preserve its activities, guarantee the fulfillment of its obligations and ensure the continuity of Botafogo’s sporting project.”
The crisis stems,