After years of financial mismanagement, Sporting had amassed debts exceeding €276 million by 2011. The results on the pitch were also negative, with Sporting finishing seventh in the 2012–13 Primeira Liga, their lowest finish ever. Managerial changes occurred within months or weeks apart: from November 2009 to May 2013, nine managers were contracted, with none of them lasting an entire season. In 2013, after pressure from club members, president Godinho Lopes resigned, and shortly afterwards, Bruno de Carvalho was elected president in a snap election. Carvalho's intentions were to renegotiate the club's debt payment schedule with the banks involved – who by now have pardoned Sporting in millions of euros – and to return success to the football team, while threatening to take Godinho Lopes to court. Carvalho's election brought Angolan investors to the club, most notably Álvaro Sobrinho, through Holdimo, which holds 20 million shares of Sporting's SAD.