Estudiantes de La Plata president Juan Sebastián Verón revealed on Friday several details of the club’s deal with U.S. investor Foster Gillett. In recent interviews with DSports and media outlet La Nación, the former Argentina international confirmed that Gillet will have a say in footballing decisions but remained vague on other aspects.

“We don’t know if the partnership will last 20 years or 100,” Verón told DSports Radio. “We set up a logical timeframe, one that allows us to see how the partnership develops. It will initially be for 30 years, with the possibility of extending it.”

Estudiantes announced the deal with Gillett in December, but the club has so far kept the terms of the deal jealously under wraps.

“The deal will start at around US$150 or 160 million,” Verón added, stating that there will be a later evaluation to see if the team can manage to sell players and possibly recover investments made to develop them.

“At that point, Foster or the group will reinvest, so that value continues to increase and we can strengthen the squad.”

Verón has been criticized, with many seeing the partnership as a move towards making Estudiantes a private sporting corporation. Incidentally, this is the club model President Javier Milei has been seeking to replace Argentina’s beloved fan-owned associations with.

The club president has also been criticized for lack of clarity as to how the investment will be recouped. 

“The question is not how we are going to pay it back, but how we are going to give more value to the partnership’s assets,” he told La Nación on Thursday. “Sponsorship, tickets, player sales, and, hopefully in the future, television rights. All this has to grow in value.”

He insisted that none of the club’s assets will be at risk, and that should the deal with Gillett dissolve, all assets will return to Estudiantes. 

“The club isn’t guaranteeing anything. We partner-up with someone who provides capital, and we provide our know-how. It’s all about developing every side of the football business.”

However, Verón acknowledged that the U.S. magnate will have a say in sporting decisions. 

“There will be a board of directors, of which I will be a member, and important decisions, such as expanding the budget and major hiring, will be consensual,” he said. Verón added that while Gillett will have voting rights in that committee, the U.S. businessman understands that Argentine football works differently than its European counterpart, and that he expects the investor to lean heavily on Estudiantes’ expertise. 

The club president also admitted the club would own just 20% of the assets put into the partnership but trusts their share will grow in value exponentially.

A majority of fans agree with Verón

While the deal has already been approved by the club’s board of directors, Verón has previously expressed his intention to put it forward to a club member’s assembly vote. According to Estudiantes specialized reporter Gregorio Sica, the vote should pass with flying colors.

“I can’t speak for everyone, but right now Verón has a big backing from the fans,” he told the Herald. “You’ll find some dissidents in social media, but in the stadium and in general, the fans have a good opinion of him.”

He added that while the full terms of the deal are yet to be made public, he expects it will pass.