Raul Moura16 de nov, 2023, 10:13 Leitura: 3 min.
The Neo Química Arena, Corinthians stadiumFriedemann Vogel/Getty Image
Living the last days of his administration as president of Corinthians, Duilio Monteiro Alves works to try to reduce one of the club’s main debts: payment for Neo Química Arena.
To this end, the board negotiates with Caixa Econômica Federal the sale of part of the stadium on the stock exchange.
Information about the negotiation was revealed by the portal ge and confirmed by ESPN.
The Corinthians board’s idea is to negotiate up to 49% of the project’s shares.
“When Corinthians built the stadium, a fund was set up with Odebrecht to take out a loan from BNDES and Caixa for the construction. Once Odebrecht left this operation, after the renegotiation that was carried out last year, Corinthians was left as the sole owner of this fund”, said Wesley Melo, financial director of Corinthians, to ESPN.
The initiative, if implemented, aims to considerably reduce the interest paid by the club to the bank, which financed the construction of the Neo Química Arena, which adds up to to the more than R$600 million that will be paid from 2025 after the renegotiation between Corinthians and Caixa for the work.
“Corinthians owns a fund that owns the Arena. The idea is for us to get an investor, or a group of investors, to raise up to 49% of the Arena fund, offer this money to Caixa and settle, or amortize, the debt we have. Instead of owing to Caixa, we owe an investor.”
“A debt with Caixa generates financial expenses. And for an investor, the income will be the positive flow that the Arena has today: box office, food and drinks, events. And there are also the costs of games and maintenance. But there is money left over, and this is a positive cash flow.”
“This is an income that we would make available to this investor. The idea is this: try to get a big investor or put it to the final public on the stock exchange. Or a mix of those two.”
The desire to work with Neo Química Arena as a Real Estate Investment Fund (FII) was revealed in mid-July by president Duilio Monteiro Alves in an interview with CNN.
To the explain your position against the transformation of Corinthians into SAFthe director admitted that he considered the possibility of having the stadium on the stock exchange.
“I think it’s the only way we can think of transforming it into a company. It’s possible. And when I mentioned Neo Química Arena, this is one of the models that we have also been studying. It is a real estate fund. When I say that we are studying different ways of paying than the agreement we have with Caixa, it could be placing shares in it, as it is already a fund, so that the fan can participate as an owner, be it a fraction, a share . I only see it this way: Corinthians becomes SAF as long as the fans buy their shares.”
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2023-11-16 13:13:00
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