Corinthians and Caixa announce agreement to renegotiate arena financing

Corinthians and Caixa Econômica Federal announced on Monday night (25) the signing of an agreement for the refinancing of the club’s debt in relation to the construction of Neo Química Arena.

In a note, the alvinegra team reported that, upon signing the new contract, President Duilio Monteiro Alves “continued the decision taken by the Deliberative Council of Corinthians at a meeting held on June 27, 2022.”

Also according to the club, there was unanimity among the councilors for the approval of the terms of this agreement.

When talking about the agreement, Duilio thanked the participation of former Corinthians president Andres Sanchez throughout the process. “We are proud to take this step and I thank everyone involved,” he said.

Also in a note, Caixa confirmed the approval of the refinancing proposal, but cited that it could not comment on “specific aspects of legal proceedings or renegotiations in progress.”

The financing payment had been suspended since the parties began to discuss a new flow to settle the debt.

In the meeting with the counselors, three weeks ago, the club’s board of directors informed that it was seeking to extend the grace period for funding. In 2020, the parties even agreed that the club would pay interest again at the end of this year. Now, in the new agreement, this payment will start in 2023. In addition, from 2025, the association will start paying annual installments of R$ 70 million.

The total debt amount is estimated at R$610 million. Of this amount, the club intends to pay R$ 300 million with the revenue from the sale of the naming rights of the stadium to Hypera Pharma, which named the place Neo Química Arena. The rest would be up to the club to pay until 2041, mainly with box office income.

Check the note from Corinthians

Sport Club Corinthians Paulista informs that it signed, this Monday (25), the documents of the agreement between the club and Caixa Econômica Federal for the renegotiation of obligations related to the financing for the construction of Neo Química Arena.

Its implementation will be carried out following the contractual terms and conditions. With his signature, President Duilio Monteiro Alves continued the decision taken by the Deliberative Council of Corinthians at a meeting held on June 27, 2022. It is worth remembering that there was unanimity among the councilors for the approval of the terms of the agreement.

See the statement from Caixa Econômica

Caixa informs that the renegotiation proposal presented by Sport Club Corinthians Paulista regarding the financing for the construction of Neo Química Arena has been approved.

The renegotiation documents were signed on July 25, 2022. It should be noted that Caixa does not comment on specific aspects of legal proceedings or ongoing renegotiations.