Corinthians’ board of directors arranges a meeting with CORI to present an agreement with Caixa

The agreement between Corinthians and Caixa Econômica Federal is close to being approved and announced. With that, an extraordinary meeting was scheduled between the board and members of the Guidance Council (CORI). The portal My Helm found out that the meeting will take place this Monday at Parque São Jorge.

The supervisory body will be the first to become aware of the terms and numbers that were agreed with the bank after numerous technical meetings (between the two legal ones) and also political meetings in the city of Brasília (the bank is a mixed-capital company, that is, governmental and private ). Subsequently, the data will be passed on to the Deliberative Council of the club.

The report of My Helm talked to people close to President Duilio Monteiro Alves. Some of the terms of the agreement that is about to be announced are already being discussed by partners and counselors in Parque São Jorge’s avenues, such as, for example, the total amount (R$ 569 million)the deadline for discharge (17 years)the payment method (annual installment) and the maximum amount of the installment (R$ 38 million). Corinthians is still trying to settle the first installment only in the second half of 2023.

It is important to note that Corinthians will have the naming rights to deduct the total amount. Internally, the board is already working with a revenue of R$ 400 million from the agreement with the pharmaceutical giant Neo Química for the transfer of the name for 20 years. This value is the sum of the initial value of the agreement (R$ 300 million) plus the correction of the value through the IGP-M (General Market Price Index).

In other words, in practice, Corinthians calculates a payment of around R$ 270 million from its own resources. This amount deducted in 17 years would represent an annual installment of only R$ 16 million – payments also undergo monetary correction during the years.

The stadium, on average, collects around BRL 60 million gross per year (BRL 40 million net). Not to mention cabins, captives, parking lots, bars, restaurants, statistical advertising on big screens, corporate events, among other recipes.

It is worth remembering that, in addition to the installment of the agreement with Caixa, Corinthians has to pay for the maintenance of the stadium, which costs around BRL 25 million per year.

Agreement with Odebrecht

Corinthians is still awaiting the approval of the settlement of its values ​​with Construtora Odebrecht. This has to be approved by the company’s shareholders who, in the last meetings, did not hit the hammer on the final values ​​referring to the alvinegro stadium.

The club believes that it does not have to pay anything else to Odebrecht, as a result of the amounts already disbursed since 2013, the works not completed by the construction company (inside and around it) and the transfer of CIDs made available to the club by the City Hall for the construction of the stadium in Itaquera, east side of the capital of São Paulo.

See more at: Neo Qumica Arena.

About Abhishek Pratap

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