Featured image credit: Corinthians/Bruno Granja
Campeonato Brasileiro Série A football club Corinthians has reached an agreement with the Gaviões da Fiel fan group and Caixa Econômica Federal to pay off debt related to the development of its home stadium, Neo Química Arena.
Representatives of the three parties met to sign an agreement to support a campaign launched by Gaviões da Fiel to raise funds to erase the stadium debt.
Last month, the fan group announced that it had gained approval from Corinthians to launch a crowdfunding campaign designed to wipe out the debt.
The stadium opened in 2014 ahead of Brazil’s staging of the FIFA World Cup later that year. Neo Química Arena is owned and operated by Corinthians and although the stadium venture has been successful, the club has found itself saddled with debt associated with the development.
The club’s debt has been increasing year on year and is currently said to amount to R$703.1m (£95m/€114m/$123m). Corinthians is seeking a settlement agreement with Caixa, and in November last year the club presented a proposal to the state-owned financial services group to settle the outstanding balance of the contract for the construction.
This came after it emerged the club was considering the sale of a significant stake in the stadium to pay off the debts. Gaviões da Fiel has since sought to pick up the baton, and the group is planning on using instant payment platform Pix to allow fans across the country to send deposits to the fundraising campaign.
Following the latest meeting, Corinthians president Augusto Melo said: “I thank the Gaviões for this initiative, it shows the greatness of our club, it shows the true passion for Corinthians. We Corinthians fans are united. I am very happy, it is the beginning of an initiative and of great future projects, which is what we intend to achieve in this administration.”
Alexandre Domênico, president of Gaviões da Fiel, added: “It’s a relief for us to get here. We are very happy to start this project and I’m sure that the Fiel Torcida will help us in great numbers.”
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