Ronaldo Sells Stake In Cruzeiro

RIO DE JANEIRO, (APP - UrduPoint / Pakistan Point News - 30th Apr, 2024) Former Brazil striker Ronaldo has sold his controlling stake in Cruzeiro, the club that launched his celebrated professional career.

The 47-year-old, who acquired 90% of Cruzeiro's shares for around 70 million U.S. Dollars in 2021, sold his participation to BPW sports in a deal reportedly worth 117 million dollars.

"Ronaldo and BPW Sports signed an agreement to acquire all the shares of Tara Sports Brasil, the company that owns 90% of Cruzeiro SAF," the Brazilian Serie A club said in a statement on Monday.

"[Ronaldo] led an administration that brought a new perspective to the club, implementing professional management and a governance structure in line with international best practice.

Cruzeiro's credibility was restored, attracting important partners and sponsors, with contracts that set record figures for the club."

The two-time World Cup winner helped pay off Cruzeiro's 195 million-dollar debt and oversaw its return to Brazil's top flight after three seasons in Serie B.

But some fans have accused Ronaldo of not investing as much as he initially promised as Cruzeiro have mostly failed to impress since earning promotion in 2022.