Corinthians pays off the third installment of the agreement and exceeds R$70 million paid to Caixa in 2023

O Corinthians paid off the third installment of the agreement with Caixa Econômica Federalresponsible for financing the construction of Neo Química Arena between 2011 and 2014. The value of the installment, according to the My Timonwas from R$25 million.

This is the third of four quarterly installments agreed between the club and bank throughout 2023, reaching R$75 million passed on to Caixa. The fourth installment will have to be honored by Corinthians at the end of Decemberwhen the mandate of Duilio Monteiro Alves.

The total value for the year, after the four installments honored, will be approximately R$100 million. The agreement between Corinthians and the bank was stipulated at R$611 million for payment by the year 2041.

In the first two years (2023 and 2024) the installments will relate to interest for the period in which the club failed to pay the financing due to the legal dispute lasting almost five years. From 2025 onwards, the amortization of the principal amount will begin in earnest.

In Corinthians’ 2022 financial statement, released by the club last April, the debt with Caixa Econômica Federal on December 31, 2022 was R$671.8 million.

This difference of around 60 million reais between the initial agreement and the date of the last day of last year (R$ 611 million x R$ 671 million) is the result of the interest rate, since the agreement provides for corrections through the CDI (Certificate Interbank Deposit) + 2%.

To honor this agreement, Corinthians relies on revenue from its stadium which, in 2022 alone, was R$147.5 million gross (profit of R$41.4 million). In addition, of course, to the naming rights sold to pharmaceutical giant Hypera Pharma.

See more at:
Neo Chemical Arena, Corinthians Board of Directors, Duílio Monteiro Alves e Corinthians debt.

The Post Corinthians pays off the third installment of the agreement and exceeds R$70 million paid to Caixa in 2023
Originally Posted on www.meutimao.com.br

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