The Arbitration Tribunal of the FGV Chamber has reinstated the political rights of Eagle Bidco, the holding company that owns 90% of Botafogo’s SAF, and declared the election and installation of Durcesio Mello in the SAF structure irregular. The decision suspends any corporate acts carried out without the company’s involvement, mandates changes to the board of directors, and removes a precautionary measure that had guaranteed John Textor’s statutory position at the club.
According to information first published by O Globo and confirmed by Lance!, the tribunal reaffirmed that Eagle Bidco retains “full political rights” within the SAF and granted the holding company the right to participate, be represented, and even preside over the Extraordinary General Assembly scheduled for May 14. Furthermore, the arbitration suspended the effects of a shareholder agreement signed in July 2025 and provisionally annulled all corporate acts and assemblies held since then without Eagle Bidco’s participation. As a result, recent resolutions are now subject to legal challenge.
Another key element of the ruling concerns the change in leadership that followed John Textor’s temporary removal. The tribunal declared the election and installation of Durcesio Mello in the SAF illegal, weakening the legal basis for the shift made during the club’s corporate and financial crisis. The arbitration also ordered that the May 14 EGA include on its agenda the replacement of board members. Jordan Elliott Fiksenbaum and Kevin Weston, linked to Textor, must leave their positions, while Mandy Feldman and Ron Marx, nominated by Eagle, would take over. The club’s associative entity may also appoint a representative.
Despite the favorable ruling for Eagle Bidco, the tribunal removed from the previous precautionary measure the guarantee of “maintaining Mr. John Textor in his statutory position.” For the first time, this separates the holding company’s rights from the individual situation of the American businessman. According to the decision, Eagle retains its stake and corporate rights in the SAF, but without specific protection for Textor’s continued leadership. This opens the door for future changes in operational management.
The tribunal also acknowledged “bad-faith litigation by Botafogo SAF” during the process and noted a “positive conflict of jurisdiction” over Eagle Bidco’s voting rights. The case will be referred to the Superior Court of Justice (STJ). Lance! has learned that, internally, the club’s associative entity believes there is a “conflict of competence” between the two most recent decisions and is awaiting the higher court’s position before taking any action.
The arbitrators also scheduled a hearing for May 26 with representatives from the SAF, the club’s associative entity, Eagle Bidco, and Durcesio Mello. The aim will be to discuss measures to reduce judicialization and seek stability in the club’s administration.
