The Spanish executive travelled to Portugal for Friday night's meeting, which continued into the early hours of Saturday. His presence was significant because he is expected to take a seat on the board of the Portuguese club's football company as a representative of V Sports, the organisation that owns Aston Villa.
The proposal put to members involved the transfer of a further 17 per cent of the SAD's share capital to V Sports, increasing its holding from 29 per cent to 46 per cent. The motion was approved, with 717 votes in favour and 468 against. Six votes were left blank and four were declared invalid.
Olabe was pictured alongside Fernando Meira, Vitória's current sporting director, during the assembly. The proposed board structure will retain three representatives appointed by the club, with V Sports entitled to nominate two administrators. Olabe is expected to be one of the two representatives, alongside Bashir Lebada.
The agreement involves a total financial contribution of €3.8 million. V Sports will pay €2 million for the 17 per cent shareholding, with a further €1.8 million invested directly into the SAD. Vitória will remain the majority shareholder, retaining 50.84 per cent of the company's capital.
The vote followed several weeks of discussions between the club's leadership and V Sports over the future of their relationship. The revised arrangement is intended to restore the 46 per cent participation originally approved by members in 2023, before the holding was reduced to 29 per cent.
The assembly lasted more than six hours, with 19 members speaking during the debate before the proposals were put to a secret ballot. A second motion authorising the club's board to proceed with proposed changes to the SAD's articles of association was also approved.
Olabe's anticipated appointment gives the Aston Villa executive a direct role in the governance of Vitória's football operation, while the club retains its majority shareholding and three positions on the five-member board.