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Corinthians presents financing proposal for Neo Química Arena

Featured image credit: Corinthians/Bruno Granja

Campeonato Brasileiro Série A football team Corinthians has confirmed that it has presented a proposal to banking group Caixa to settle the outstanding balance of the contract for the construction of its Neo Química Arena.

Reports emerged last week that the São Paulo-based club was considering the sale of a significant stake in the stadium to pay off debts associated with its construction. The 49,000-capacity venue was built ahead of the 2014 FIFA World Cup, with the project financed by Caixa.

Globo reported that Corinthians was seeking to minimise the money still owed on the construction, with the club’s main objective to cease interest payments to Caixa. A club trust owns 100% of the stadium, and Globo reported that the club could sell up to 49%.

Corinthians was said to be considering two options: selling a significant chunk of the stadium to a major financier and trading the remainder to the general public, or offering the 49% of shares to investors on the stock exchange.

Following the reports, Corinthians on Friday issued a statement informing fans that it had presented a proposal to Caixa to settle the remaining balance of the stadium construction cost.

The proposal has been received by Caixa and on Sunday the company’s president, Carlos Vieira, visited Neo Química Arena. Corinthians said that more details would be shared once the club has received the necessary documents to formalise the proposal.

Terms of the agreement have not been disclosed but Globo said the proposal would effectively mean that Corinthians will continue paying off debt relating to the stadium construction, albeit at a lower rate.