CS Marítimo (Marítimo da Madeira Futebol SAD)
REVEE S.A. investment · 18 Jul 2025
- Buyer
- REVEE S.A.
- Seller
- Club Sport Marítimo
- Stake acquired
- 40%
- Control
- No
- Reported consideration
- €15m
- Implied equity value
- €37.5m
- League
- Liga Portugal 2
- Country
- Portugal
- Confidence
- HIGH
REVEE S.A. acquired 40% of CS Marítimo (Marítimo da Madeira Futebol SAD) from Club Sport Marítimo, announced 18 Jul 2025.
Reported consideration was €15m. That implies a 100% equity value of €37.5m (calculated by us). Announced enterprise value was €37.2m. A further €22.5m was announced as an investment commitment.
Nearest pre-acquisition revenue was €6m (FY 2023/24 (FY to 30 Jun 2024)), an equity value / revenue multiple of 6.22x.
- Announced
- 18 Jul 2025
- Closed
- —
- Stake after transaction
- 40%
- Status
- cancelled
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2023/24 (FY to 30 Jun 2024)
Revenue
Wages
EBITDA
Net debt
Net income
Agreed but never completed. On 18 July 2025 CS Marítimo members (337 for / 49 against / 44 abstentions per Lusa; DN Madeira gives 44 against) approved selling 40% of Marítimo da Madeira Futebol SAD — shares held by the club itself — to REVEE MCO S.A., wholly-owned subsidiary of B3-listed REVEE S.A., for €15m; REVEE filed a CVM fato relevante the same day confirming the €15m price and call options for up to a further 20% for up to €7.5m.
- O Jogo / Lusa — members approve partial sale of SAD (reproduces REVEE/REVEE MCO CVM fato relevante of 18 Jul 2025) ↗Tier 1 · media reproducing regulatory filing
2025-07-18 · pt — “337 of 430 members present approved sale of 40% of the SAD for €15m to REVEE; REVEE names 3 of 5 board members, club names 2 and the chair. Quotes the CVM material fact: MCO 'pagará o valor total de EUR 15.000.000,00', with call options for up to 20% more for up to €7,500,000 subject to conditions precedent (confirmatory audit, no MAC); MCO to manage the SAD, Estádio dos Barreiros and sporting activities, with commercial exploitation rights.”
- Diário de Notícias da Madeira — 'Aprovada a venda de 40 por cento da SAD do Marítimo' ↗Tier 5 · media
2025-07-18 · pt — “Extraordinary General Meeting: of 488 voting members, 337 for, 44 against, 44 abstentions. Describes REVEE's ownership (REAG fund 64.93%, ARC Capital 23.57%) and B3 listing RVEE3.”
2025-07-10 · pt — “Sale of 40% of the SAD 'pertencente ao C. S. Marítimo' for a reference €15m; options for +11% at €4.125m on promotion and +9% at €3.375m on European qualification; total €22.5m. Proceeds become property of CS Marítimo, not returned to the SAD. Club's €12m debt to the SAD to be settled via 10-year rental of infrastructure/services to the investors. Investor obliged to buy out small shareholders (9%) at the same unit price; club retains pre-emption on any exit. Investor names 3 SAD directors; club keeps presidency.”
2025-07-18 · pt — “€15m for 40%; +11% for €4.125m on promotion, +9% for €3.375m on European qualification, total €22.5m; investment goes 'directamente nos cofres do clube — e não da SAD'; €8m to be placed in a term deposit; majority only reachable via sporting results.”
- REVEE S.A. — Relatório da Administração 3T25 (30 Oct 2025), section 'Assuntos Relevantes – REVEE MCO' reproducing fato relevante 'Desistência de operação de aquisição – Marítimo da Madeira Futebol SAD' ↗Tier 1 · primary company
2025-10-30 · pt — “REVEE and REVEE MCO, 'conforme fato relevante divulgado pelas Companhias em 18 de julho de 2025', decided not to proceed with the potential acquisition of a stake in Marítimo da Madeira Futebol SAD; decision follows conclusion of due diligence whose findings 'não se alinham às diretrizes estratégicas e de retorno de investimento'. Also records CEO Luis Davantel's resignation on 7 Oct 2025 and cancellation of the July 2025 capital increase.”
- Club Sport Marítimo — Comunicado, 23 Oct 2025 ↗Tier 1 · primary club
2025-10-23 · pt — “Meetings scheduled for 28–29 Oct to present guarantees required by the club are cancelled because Grupo Revee informed the club it could not provide them; 'o Club Sport Marítimo decidiu encerrar, de forma definitiva, o processo negocial'; club now studying alternative investors.”
- Marítimo da Madeira – Futebol, SAD — Relatório & Contas 2023/2024 (FY to 30 Jun 2024) ↗Tier 1 · filed accounts
2024-09-02 · pt — “Income statement 2023/24 vs 2022/23 restated: Vendas e serviços prestados 949,562 / 9,072,278; Subsídios à exploração 938,802 / 1,991,739; Outros rendimentos 4,140,152 / 1,595,890; Gastos com o pessoal −6,930,557 / −10,020,851; EBITDA-line −3,861,523 / −1,449,904; net result −4,496,269 / −2,081,897. Balance sheet 30 Jun 2024: total assets 21,572,773; equity 14,842,981; liabilities 6,729,791; cash 150,018; borrowings 70,591 + 94,198. Share capital €1,000,000 (cover page states €2,500,000 — inconsistency in the document).”
- CS Marítimo — 'Relatório e Contas 2023/24 da SAD aprovado' ↗Tier 1 · primary club
2024-10-11 · pt — “SAD shareholders approved 2023/24 accounts; net loss €4,496,269.21.”
- Marítimo da Madeira – Futebol, SAD — Relatório & Contas 2024/2025 (FY to 30 Jun 2025) ↗Tier 1 · filed accounts
2025-10-16 · pt — “2024/25: net loss 2,302,562; sales 1,050,514; subsidies 1,170,368; other income 4,444,586; personnel −7,202,351; equity 12,540,419; total assets 17,057,727; cash 400,168.”
2025-10-19 · pt — “Club confirms the sale was still in due diligence, not concluded, and subject to Banco de Portugal (source of funds) and IPDJ review, after Correio da Manhã reports (19 Sep and 19 Oct 2025) that REVEE S.A. was under Brazilian investigation for alleged PCC-linked money laundering.”
- B3 — REVEE S.A. listed-company page (RVEE3) ↗Tier 1 · regulatory
n.d. · pt — “Trading since 22/04/2025; CNPJ 52.841.191/0001-18; sector Consumo Cíclico / Produção de Eventos e Shows; shareholders: REVEE Partners FIA 64.93%, GBR Participações 23.57%, others 11.12%.”
2026-01-14 · pt — “REVEE (chairman João Carlos Mansur, ex-REAG) holds venue concessions in Araraquara, Recife and Belo Horizonte; the Marítimo 40%/€15m purchase announced in July was cancelled, as was its capital increase; Portuguesa SAF no longer counts on REVEE. REVEE's reply: it only disclosed interest in a potential operation, later ended after due diligence.”
- Marítimo da Madeira – Futebol, SAD — Relatório e Contas 30.06.2025 ↗Tier 1 · audited accounts
2025-09-05 · pt — “Balanço individual em 30.06.2025 (vs 30.06.2024): Caixa e depósitos bancários 400 168 (150 018); Total do ativo 17 057 727 (21 572 773); Total do capital próprio 12 540 419 (14 842 981); Resultado líquido do período -2 302 562 (-4 496 269); Passivo não corrente: Provisões 311 898, Financiamentos obtidos - (70 591), Estado 352 970; Passivo corrente: Fornecedores 760 750, Financiamentos obtidos 73 434 (94 198), Outras dívidas a pagar 2 825 792 (2 862 914). Fluxos de financiamento 2024/25: Outras operações de financiamento +4 995 709; Financiamentos obtidos pagos -81 739.”