New manager details near R$ 100 million error in Neo Química Arena fund accounts | OneFootball

On 17 April, Corinthians named Asarock Asset Management to run the Neo Química Arena fund, with Genial Investimentos as fiduciary administrator. Asarock chief executive Gabriel Pupo says a near R$ 100 million accounting error has sat in the stadium’s books for years.

"It was around R$ 80-odd million. It did not exist. There was no inflow, it was a wrong accounting entry," said Pupo to UOL Esporte.

The issue centres on ticketing income booked as receivables that never reached the fund. The misposting followed a debt restructuring with Caixa Econômica Federal, and the pandemic magnified the mismatch. Receivables climbed to R$ 99.54 million in 2022 and R$ 99.56 million in 2023.

Auditors raised reservations and at times withheld an opinion. The 2022 report said external confirmation of balances with Corinthians was not possible.

The crisis deepened in early 2025 when former administrator REAG was liquidated, forcing Corinthians to advance funds to keep the stadium operating. In August 2025, REAG became a target of MP-SP’s Gaeco with Receita Federal and Polícia Federal in Operation Carbono Oculto, which investigates alleged money laundering, tax evasion and fuel-sector fraud allegedly linked to the PCC.

To resolve it, stakeholders agreed to write off the sums, cutting receivables by roughly R$ 100 million between October and November 2025. The auditor accepted, prior periods are being reprocessed and restated 2023 to 2025 accounts will follow. The aim is 2026 statements without reservations and regular updates via a transparency portal.

Source: Meu Timao