He Sevilla FC will celebrate his general meeting of shareholders at the end of December. An appointment that will serve, incidentally, to respond to the request of José María del Nido Benavente to convene a new extraordinary assembly. The largest shareholder recognized this request last weekend during the annual meeting of Sevilla fans’ clubs, which was held in Portugal. The former president wants to take advantage of the fact that the share pool agreement expires on December 10 to be able to exercise his right to vote and overthrow the current board of directors.
A pact that his own Benavente carried out in 2018 making use of the right of representation of minorities and which is one of the main arguments on which the Sevilla legal team to prevent their vote in the different meetings held. Taking advantage of this situation, Del Nido Benavente has requested this new call through a notarial request. In this way, it would be normal for said assembly to be held in the last days of December, as has been done these years ago.
The largest shareholder has been convinced that he will be able to exercise his right to vote. «There will no longer be any argument for me to vote. First, because the group has won. Second, because there is a mandatory mandate from the first instance judge number 10 of Seville that gives me freedom to vote,” he said in the Algarve.
Nevertheless, From the club they have been calm regarding this appointment and remember that the board of directors has overcome more than a dozen judicial processes. Furthermore, it is worth remembering that the governance pact is valid until 2027, and is also extendable. A deal that is signed by the main shareholder families (Sevillistas de Nervión and Del Nido family) to give stability to Sevilla and prevent the entry of foreign capital. This governance pact obliges the parties to vote in the same direction if the vote is aligned between president and vice president, under penalty of heavy monetary penalties. Therefore, although the group pact expires, the current Sevilla board has mechanisms to prevent the entry of the largest shareholder.
In addition, there is another factor that prevents Del Nido Benavente from taking over the lkey to governance: the shares of 777 partners. At the beginning of the week it emerged that the assets of this business group are blocked. In fact, these Sevilla FC shares are now owned by A-CAP, an insurer that took over them as the main creditor of the investment fund. However, both 777 partners and A-CAP are immersed in a judicial process in the United States, so they cannot sell anything. ‘The Americans’ are the main allies of José María del Nido Benavente and have a capital between 12-14% of the Sevilla club.
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