Benfica may block US fund Entrepreneur Equity Partners from acquiring a stake in the SAD, following the purchase of 16.38% of the shares. The club has the right to veto due to the fund's competitive activity in the United States. The acquisition of the US fund Entrepreneur Equity Partners has strengthened the presence of US capital in Benfica SAD, as Lenore Sports Partners holds a 5.24% stake since 2025. In practice, the two blocks of shares purchased by US funds represent more than 21% of the SAD. Jaime Antunes, a businessman and self-proclaimed Benfica fan, has a problem with the base that is “knowing the motivation of this shareholder to invest more than 40 million euros. In a company that does not distribute profits or dividends, there must be a justification”, said the businessman, who believes that “the transaction of a block of shares of this size should have been coordinated with Benfica. It was important to know if the new shareholder has a strategy compatible with that of the SAD or not. There should have been a discussion about the strategic plan to know if they are interested in all areas of football or only in the transfer of players. Nothing was clarified by the investors, nor by Benfica”, emphasized Jaime Antunes, who summarized: “The club has no idea of the intentions of these gentlemen”. With this acquisition, the fund Entrepreneur Equity Partners becomes the second largest shareholder of the SAD, following Benfica, but the conclusion of the operation is subject to prior approval and Benfica can block the entry of this investor into the capital of the SAD based on Article 13. The statutes are very clear, Benfica can veto the entry into the capital of the SAD of shareholders above 2% if they have activities related to professional football in Portugal or abroad that are competitors with those of Benfica. “This fund is clearly a competitor of Benfica, as it manages sports facilities in the United States and recently bought Veneza, from the Italian championship”, recalled the former director of the red ones, who questioned: “If a big player purchase deal arises, where will it go? To Benfica or to Veneza? If a large company is interested in the naming of the stadium, that deal will go to Benfica or to other clubs that the fund wants to buy in Europe?”, and concluded: “Benfica cannot take a leap in the dark, so it must veto this acquisition. The club has a majority of the SAD, but it does not have a qualified majority of two-thirds, so it is not interesting to coexist with a shareholder who may be out of line”. The businessman also stated that: “Shareholder José António dos Santos knows that Benfica has the right to veto, so he should have taken the care to dialogue before putting the shares on sale. It's a matter of principle”, concluded. Recall that in 2021, Benfica opposed the intentions of businessman John Textor, who wanted to buy 25% of Benfica's shares for 50 million euros, when he already had ties to Crystal Palace.