Corinthians advances through agreement on payment for the construction of the Arena

The Neo Química Arena is the stage for the Timão games (Photo: Staff Images/Conmebol)

The Neo Química Arena is the stage for the Timão games (Photo: Staff Images/Conmebol)

Photo: Launch!

O Corinthians is very close to signing an agreement with Caixa Econômica Federal regarding the debt of the loan acquired for the construction of Neo Química Arena, through BNDES, in 2013.

In a meeting held last Monday night (20), at Parque São Jorge, Corinthians’ headquarters, the details of this arrangement were passed to the Corinthians Guidance Council (Cori).

In total, the black-and-white club’s debt with the Federal Bank is R$ 611 million, an amount R$ 211 million greater than the amount withdrawn by Timão. The increase is justified by the execution of the debt by Caixa in 2019, which generated fines, in addition to interest and corrections.

The agreement between the parties provides for a new grace period in relation to the first closing between the parties, signed in 2020. Corinthians, which would need to start payment at the end of this year, will now be able to pay off the first installment of the agreement only in the second half of the year. 2023, if the deal is finalized.

The annual installment would last until 2041, with the first two years (2023 and 2024) for interest payments and the following ones to pay off the original amount.

The installments will be approximately R$ 32 million, but as Timão receives the annual payment from Hypera Pharma, referring to the naming rights of the Arena, it will be up to the alvinegro club to pay something between R$ 17 and 18 million per year.

For the agreement to be official, he will need the approval of a new internal process at Corinthians, which is the Deliberative Council, which will meet to discuss the matter, still without a defined date.

About Abhishek Pratap

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