Acquisition of the stadium and sports complex amid Boavista’s insolvency
In the context of Boavista’s insolvency proceedings, Frozenpark, a real estate investment company associated with the Confrasilvas group, finalized the purchase of the do Bessa stadium and its sports complex this Thursday. This group already held nearly 70% of the club’s debts.
A statement released by a law firm clarified that the group now has near-total control over these debts, representing 70%. Boavista is facing judicially recognized debts of approximately 100 million euros:
“As a company, the fund is acquiring the debt of Sacyr Somague – which built the stadium – for 54 million euros. With this acquisition, the fund holds about 70% of Boavista’s debts, which has been declared insolvent, with judicially recognized debts of around 100 million euros.”
This transaction was orchestrated by Paulo Santos Silva, an entrepreneur specializing in sports event organization, and Jorge Silva Maurício, the head of Confrasilvas.
Details of the transaction and future intentions
The stadium and the Bessa complex were sold for 33 million euros, slightly above the 32.9 million euros requested during the auction. Frozenpark signed the deed of ownership for these two real estate assets nearly two and a half months after its proposal was accepted by Boavista’s creditors last October.
This process, which lasted nearly two years, began before the club’s insolvency declaration. The law firm also emphasized that the investors have interests beyond real estate and have always been willing to support Boavista:
“Since acquiring the debts and becoming the main creditors and mortgage creditors, now reinforced by the possession of the stadium and other assets, this group’s stance shows that they do not have solely real estate objectives: they have always been and have declared themselves available to help and save Boavista.”
Historical context and club significance
The do Bessa stadium was reopened on December 30, 2003, after renovation works in preparation for Euro 2004. This venue was one of the ten stadiums used during the tournament, but it has been unused for over a year due to restrictions imposed by the authorities. The stadium of the “black panthers” covers an area of 78,000 square meters, of which 21,145 correspond to the sports complex.
To prevent Boavista’s disappearance, Paulo Santos Silva, whose company Fun Addict was a major creditor of the club, began acquiring the debts from banks BES and BPI, estimated at around 15 million euros, which had already been transferred to the companies Ares Lusitani and BTL.
The law firm clarified that the sum of the debts from Ares Lusitani and BTL allows control over the first mortgage on Boavista’s real estate assets. It also revealed that a purchase offer for the debts made by investors from Qatar was rejected:
“Given that the sum of the debts from BTL and Ares allows control over the first mortgage on Boavista’s real estate assets, it remained to secure the rest of the first mortgage and the second. By adding these debts, the majority creditor of the club would be dominated by this group of investors.”
Despite the liquidation approved in September 2025 due to debts exceeding 150 million euros, Boavista has been allowed to continue its activities under certain financial conditions, including the payment of current expenses. Failure to comply with these obligations led to the intervention of the insolvency administrator, Maria Clarisse Barros.
In addition to acquiring the stadium and the Bessa complex, the investors expressed their willingness to help ensure the continuity of the “axadrezado” club’s activities. Founded in 1903, the club has won nine national trophies in senior men’s football, being surpassed in this area only by Benfica, FC Porto, and Sporting.
Finally, the law firm emphasized the role of the group of investors in maintaining Boavista’s activities:
“The investor has maintained conversations with the club’s management and with the municipality so that Boavista can be reborn. This creditor has helped ensure that the club remains active. Currently, Boavista has about 1,500 athletes across 30 disciplines.”
Boavista is one of five clubs that have won the Portuguese championship, having claimed the title in 2000/01. In May 2025, it ended an 11-season streak in the top tier, being relegated to the second division, and subsequently failed to obtain the license for national competitions.
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