José Ramón Correa, director of Azul Azul, responded on Thursday to a request from the Financial Market Commission (CMF) after acquiring 21.44% of the Universidad de Chile club concessionaire. The transaction, valued at $6.716.606.000, raises questions about potential agreements with Michael Clark. Correa challenged the regulator's claims regarding control of the company.
The Schapira family sold 21.44% of Azul Azul S.A., the concessionaire for the Universidad de Chile sports club, to José Ramón Correa, a director appointed by Michael Clark, on Monday. The deal amounted to $6.716.606.000, or US$7.5 million.
In March of last year, amid a CMF investigation into Sartor, Clark acquired 100% of the shares in the Tactical Sport administrator, thereby controlling 63% of Azul Azul.
On Wednesday, the CMF requested information from Correa and Clark regarding any potential joint action agreement or relationship between them, including through investment vehicles.
In his Thursday response, Correa did not directly address the query about a joint pact. However, he disputed the CMF's claim that Clark controls Azul Azul through 90% of Tactical Sport's quotas, which hold 28.182.469 shares representing 63.07% of the capital. Correa stated that this matter is under review by the Supreme Court, and accepting the assertion would interfere with an ongoing judicial process.
Furthermore, Correa clarified that, contrary to the CMF's indication, he had renounced his power of attorney to represent Clark before Monday's purchase. He explained that his prior defense was pro bono, driven by the right to defense, and stressed that he has never had any commercial relationship with Clark except for serving together on the Azul Azul board.
Finally, Correa requested that his responses and future communications receive the same publicity as the CMF's official requests, allowing equal press access.
This transaction and exchange with the regulator occur amid scrutiny over Azul Azul's share structure, a publicly traded company.
