The few fans who watched Ferroviária's 2-0 victory over Real Brasília on Monday night, January 12th, in the São Paulo Junior Football Cup, certainly had no idea that Revee, the company that manages the Fonte Luminosa stadium in Araraquara (SP), is headed by João Carlos Mansur , founder of Reag and a target of the Federal Police in the context of the Banco Master scandal.
One day before the Central Bank decreed the extrajudicial liquidation of CBSF Distribuidora de Títulos e Valores Mobiliários, the new name of Reag Investimentos, Mansur announced his resignation from the position of chairman of the board of directors of Revee.
In the document signed by Gabriel Galípolo on January 15, the Central Bank also states that "the assets of the controllers and former administrators of the institution [Reag] are frozen." With this, Revee is included in the list of assets managed by Mansur that cannot be sold.
In the concession contract signed by Revee with the Municipality of Araraquara in August 2023, which has a total value of R$ 367.8 million, corresponding to the volume of investments, expenses, and the grant, there is a clause stating that no representative of the concessionaire, including directors and advisors, may be under investigation due to allegations of bribery or corruption, nor be suspected of money laundering.
The 537-page document signed between the City Hall and the concessionaire also includes a clause stating that the contract may be terminated in the event of dissolution, bankruptcy, filing for judicial reorganization, or commencement of liquidation by the company.
In the concession contract for Nova Fonte Luminosa, Revee created a special purpose entity (SPE) to manage, for 35 years, the Olivério Bazzani Filho stadium (the official name of Fonte Luminosa), the Gigantão multi-sports gymnasium, a convention center, an exhibition pavilion, and an events esplanade.
In total, there are more than 300,000 square meters (m²) under concession, including 50,000 m² of area for shows and exhibitions, and the football stadium, with approximately 20,000 seats, which, despite being public, is used as the home of Associação Ferroviária de Esportes, a traditional maroon and white team from the interior of São Paulo that competes in the Série A2 of the Campeonato Paulista and the Série C of the Campeonato Brasileiro.
According to data from the São Paulo Commercial Registry (Jucesp), the companies Reag and Integritate were part of the concessionaire's corporate structure – both of which were also at the forefront of the restructuring project for Palmeiras' stadium, which was transformed into Allianz Parque.
Mansur, who had previously worked at WTorre, partnered with executive Luis Davantel, who had also been CFO of WTorre and founded Integritate. Davantel became the CEO of Nova Fonte Luminosa.
In December 2024, the municipal administration signed an addendum - which NeoFeed had access to - authorizing the transfer of management of the Nova Fonte Luminosa project to Revee, also controlled by Reag.
Both the contract and the addendum were signed by the then mayor of Araraquara, Edinho Silva, current national president of the PT (Workers' Party). The municipality is currently governed by Luis Cláudio Lapena (PL).
In May 2025, Revee became listed on the B3 stock exchange, under the ticker symbol RVEE3, following the traditional bell-ringing ceremony, which consolidated the company's entry into the Novo Mercado – where shares with the highest level of corporate governance are listed.
Focused on revitalizing real estate assets and creating multi-purpose arenas, Revee became Reag's third subsidiary on the stock exchange.
Since its listing on the B3 stock exchange, the biggest increase in the stock price occurred on August 15th, when the stock closed the trading session at R$ 30, representing a 76% increase over the previous day.
Following the launch of Operation Hidden Carbon , which began investigating alleged fraud involving Banco Master, and the discovery that Reag had been involved in managing funds considered suspicious, Revee's shares entered a downward cycle.
At the end of September last year, the stock began to plummet in trading and, on Tuesday, January 20th, closed at R$ 1.82. Since it first began trading on the B3 (Brazilian Stock Exchange), the company has registered a devaluation of 70%. The current market value is R$ 18.5 million.
Following the scandal involving the bank founded by Daniel Vorcaro, and the discovery of the direct link to Mansur, Reee experienced a series of executive resignations.
In September, Gabriel Pupo Nogueira announced that he was leaving his position as a member of the board of directors. In the same month, Francisco Gelpi Mattos also announced his resignation from the board and the audit committee.
On October 8th, Luis Davantel announced his resignation from his position as vice-chairman of the board and CEO of Revee.
The latest departure was that of Mansur. On January 14th, the company released a statement announcing the businessman's resignation from his position as chairman of the board of Revee, without providing any explanation for the decision.
The same document also mentions the departure of Wisam Kamel Ayache, who held the position of independent member of the board.
With this, the position of president was taken over by Leonardo Falbo Donato, who signed the contract, on behalf of the concessionaire Nova Fonte Luminosa, with the Municipality of Araraquara.
In the relevant fact, the company announced that "in view of the vacancy of most of the positions on the company's board of directors," it will convene, within 30 days (the deadline expires on February 13), a general shareholders' meeting to define the recomposition of the board.
Stadium modernization
Even though the sports complex has been under the private management of Revee for two and a half years, which, according to the contract, is responsible for modernizing the equipment, the Araraquara City Hall has been using public money to renovate the area surrounding the sports arena.
In a document sent to the City Council, the municipal administration stated that it intends to invest R$ 3.7 million in LED lighting for the stadium and gymnasium. It also said that R$ 4.2 million has already been invested in the maintenance of the complex.
In the Ferroviária stadium alone, the municipal government said it would allocate R$ 2.5 million for the complete replacement of the internal and auxiliary lighting, as well as the stands, "in accordance with standards established by FIFA," according to the City Hall.
Revee informed NeoFeed that it "has been regularly fulfilling all obligations related to the concession contract."
"Since signing the contract, the company has already invested R$ 21.8 million, including capex, opex and its own events, amounts that have been duly audited," the statement says.
The company stated that it had made a payment of R$ 11.5 million as a fixed and variable grant, with R$ 10 million paid at the time of signing the contract.
Revee also stated that it has been detailing all concession-related actions to the City Hall's oversight committee and that it sees no risk of the contract being terminated.
"The company reiterates its commitment to the continuity of investments and to the full compliance with the concession contract," it added.
The Araraquara City Hall was contacted by NeoFeed to comment on whether it intends to demand explanations from Revee and if there is a chance of contract termination, but there was no response by the time of publication.
