Corinthians Takes Decisive Step: Proposes Debt Settlement with Caixa Econômica Federal for Neo Chemical Arena

Corinthians seems to be changing its approach to dealing with Caixa Econômica Federal’s interest payments, as it officially submitted a proposal on Friday (17) to settle the debt. The club, led by Duílio Monteiro Alves, who has been in Brasília with Andres Sanchez since Thursday, presented a proposal to President Luiz Inácio Lula da Silva earlier, featuring an autographed shirt from goalkeeper Cássio.

During his visit to Brasília, the Corinthians president held a meeting with Caixa’s president, Carlos Vieira, to deliver the formal proposal in a letter. The club released a statement confirming the development and expressing their intention to achieve a long-awaited goal – the full payment of the Neo Chemical Arena.

“Sport Club Corinthians Paulista is pleased to announce that on Friday morning (17), a proposal was submitted to Caixa Econômica Federal, marking a significant step towards our goal: the complete settlement of the outstanding balance related to the contract financing for the construction of the Neo Química Arena,” stated the club in a note signed by Duílio Monteiro Alves.

While the club did not disclose the final settlement amount, it emphasized that further details would be provided once the necessary documentation for formalization is obtained. The move comes after Corinthians disbursed nearly R$100 million in interest to the bank in 2023 alone, with an additional interest amount expected in 2024 as per the existing agreement.

In July 2022, Corinthians and Caixa had renegotiated their installment plan, increasing the debt from R$400 million to R$611 million. The revised plan involved annual installments of around R$33 million until 2041. The club’s initiative to settle the debt reflects a strategic shift and marks a pivotal moment in their financial management.