In the closing years of his tenure as Corinthians president, Duilio Monteiro Alves is putting up financial strategies to relieve the club’s substantial burden — the debt owed for Neo Química Arena. Guided by this purpose, the board of directors is occupied in negotiations with Caixa Econômica Federal, contemplating an approach which include the sale of a significant stake in the stadium through the stock market.
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Details of this negotiation were brought to light by the ge portal and subsequently verified by ESPN, shedding light on Corinthians’ ambitious plan to divest up to 49% of the project’s shares.
Wesley Melo, the CFO of Corinthians, offers insights into the genesis of this financial puzzle, revealing thus, ”
“When Corinthians built the stadium, a fund was created with Odebrecht to take out a loan from BNDES and Caixa for the construction. Once Odebrecht left that operation, after the renegotiation conducted last year, Corinthians remained the sole owner of that fund”
The proposed initiative carries substantial weight, aiming to tangibly diminish the interest payments directed toward Caixa. This effort seeks to offset the financial commitment, totaling over R$600 million, anticipated from 2025 after the renegotiation agreement with Caixa.
Delving deeper into the financial labyrinth, President Duilio acknowledges the contemplation of listing the venerable stadium on the stock market, remarking, “I think that’s the only way we can look at turning it into a business.”
We see a strategic vision unfold as Corinthians contemplates treating Neo Química Arena as a Real Estate Investment Fund (FII), a revelation made by President Duilio Monteiro Alves during a candid interview with CNN in mid-July.
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