Understand how Corinthians intends to pay refinancing with Caixa

Under the agreement signed with Caixa and recommended by Cori (Guidance Council), Corinthians will pay the debt of at least R$611 million with the bank in two stages.

In the first, between 2023 and 2025, interest on the operation will be paid. In the second, from 2025, the principal amount is paid in quarterly installments. Payment must be made by 2041.

The revenue generated by the sale of the naming rights of the Corinthians arena to Neo Química goes entirely towards the payment of the debt. The money doesn’t even pass through the black-and-white safe.

The amount of R$ 611 million refers to the debt updated until January of this year. After passing through Cori, last Monday (20), the topic will be discussed by the Deliberative Council.

Although advanced, the agreement with Caixa, which ends the collection made by the bank in court, is not signed and may still undergo changes.

The divergence with the bank dates back to 2019, after successive delays in the installments referring to the R$ 400 million financing made with BNDES, through Caixa, for the construction of the stadium in Itaquera.

The bank performed the contract demanding payment of the entire debt. With a fine, the charge reached about R$ 536 million, in Caixa’s accounts. Corinthians contested the values.

Since November 2020, with Andrés Sanchez still in the presidency, the Corinthians top hats have taken for granted the agreement with Caixa to end the process and establish a new installment plan under better conditions for the club.

The lawsuit is filed against Arena Itaquera S/A, a company created under the control of Odebrecht and Corinthians to make the Corinthians stadium viable.

About Abhishek Pratap

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