New details reveal how Tottenham’s transfer became financial lifeline in Brazil

Souza’s move to Tottenham is already old news in England. In Brazil, however, the transfer remains a talking point as Santos continue to defend the financial decisions they made around the deal while trying to navigate a serious cashflow crisis.

Santos remain in a difficult financial position. The Brazilian club are carrying debt of close to €195m (£165m), while their annual revenue sits at around €93m (£79m).

That has forced the board to explore different ways of generating liquidity as it continues a wider financial restructuring.

One of the companies brought in to help is Exa Capital. The consultancy works alongside Santos on debt restructuring, fundraising, cashflow management and financial planning.

It has also advised the club on projects linked to a future SAF structure and the proposed redevelopment of Vila Belmiro stadium.

Why Tottenham mattered

The Souza sale gave Santos an opportunity to solve an immediate problem. Rather than waiting to receive the transfer fee in instalments, the Brazilian club used Tottenham’s strong financial standing to unlock the money almost immediately through an international financing operation.

Spurs agreed to pay around €16.8m (£14.5m) for the left-back, with Santos entitled to 87.5% of that amount. Exa Capital then arranged a deal with a foreign financial institution that allowed Santos to bring those future payments forward.

According to previous reports in Brazil, Tottenham’s reputation and low credit risk were key factors. They allowed Santos to secure a 3.7% anticipation rate, well below the levels usually available on the Brazilian market.

The arrangement itself soon became a talking point after reports emerged that Exa Capital had received a commission for its role.

Santos defend payment

Reports from Diário do Peixe now prompted Santos to publicly explain how the operation worked.

The club confirmed Exa Capital received a 2% commission because it structured the financing operation that anticipated the transfer income. Santos stressed the payment had been agreed in the consultancy’s contract long before Souza’s move to Tottenham.

In a statement, the club argued Exa Capital secured a 3.7% rate in a market where similar operations usually cost between 22% and 30% per year. Santos also insisted the 2% commission itself was below the market average.

From the overall transfer, Santos were due around €14.7m (£12.7m). Brazilian reports estimate the financing operation allowed the club to receive roughly €14.2m (£12.3m) immediately, with Exa Capital’s commission therefore reaching around €285,000 (£246,000). Santos have not confirmed that final figure.

The Brazilian club also pointed out that Exa Capital received no commission from the sale of youngster Luca Meirelles to Shakhtar Donetsk, despite already working with Santos at the time.

According to the club, the consultancy is only paid when it directly structures a financial operation like the one built around Tottenham’s purchase of Souza.

Exa Capital’s current agreement with Santos expires this week and the board has yet to decide whether it will renew the partnership.

Regardless of that decision, Tottenham’s deal for Souza has become a central example of how Santos are trying to navigate one of the most difficult financial periods in the club’s recent history.