Bacen winds up Arena fund manager, Corinthians await Caixa's nod

In partnership with

Central do Timão

·16 January 2026

Bacen winds up Arena fund manager, Corinthians await Caixa's nod

By Henrique Vigliotti and Larissa Beppler/ Central do Timão Editorial Team

On the morning of this Thursday (15th), the Central Bank decreed the extrajudicial liquidation of CBSF Distribuidora de Títulos e Valores Mobiliários S.A. (new name for Reag Trust Distribuidora de Títulos e Valores Mobiliários S.A.), part of the REAG group, responsible for the administration and management of the real estate fund of Neo Química Arena in partnership with Corinthians and Caixa Econômica Federal.

According to the regulatory body, the measure was motivated by serious violations of the National Financial System (SFN) regulations, including the identification of operations considered atypical and without economic backing in funds managed by the company between 2023 and 2024.

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Photo: Rodrigo Coca/Ag. Corinthians

According to investigations, these funds were allegedly used in a scheme of rapid circulation of resources originating from loans from Banco Master to shell companies, with the subsequent return of the amounts to the bank itself through overvalued financial applications, which led the Central Bank to forward information to the Federal Public Ministry and to determine the unavailability of assets of controllers and former administrators.

“The Central Bank will continue to take all appropriate measures to ascertain responsibilities within the terms of its legal competencies. The result of the investigations may lead to the application of administrative sanctioning measures and communications to the competent authorities, in compliance with applicable legal provisions. Under the law, the assets of the institution's controllers and former administrators are unavailable”, says a section of Bacen's statement.

And where do Corinthians and Caixa fit into this situation?

Back in October 2025, in the early stages of investigations into REAG, then pointed out for alleged links with organized crime under Operation Hidden Carbon, Corinthians had already requested the replacement of the company responsible for managing the real estate fund to Caixa Econômica Federal.

According to an investigation by Central do Timão, Corinthians sent Caixa a list of companies considered suitable to replace REAG/Arandu Investimentos for the institution's evaluation, but has not yet received a response. As stipulated in the contract, the club can only make this change with the financial institution's authorization.

Recently, following the repercussion of the disclosure of the details of the refinancing contract of Neo Química Arena signed between Corinthians and Caixa, the São Paulo Public Ministry (MP-SP) sent a letter to the Federal Police (PF) requesting the investigation of possible irregularities involving REAG/Arandu Investimentos.

Members request contract termination with REAG and the opening of an internal investigation process

The Coletivo Família Corinthians, representing about 217 club members, sent an administrative email requesting the immediate termination, for just cause, of the contract signed with REAG/Arandu Investimentos, responsible for managing the Arena Itaquera/Neo Química Arena Fund. The request was addressed to president Osmar Stabile, the president of the Deliberative Council (CD) Romeu Tuma Júnior, and the financial and legal directors of Corinthians.

In the document, obtained by Central do Timão, the collective bases its position on both the wide media coverage of the case and the formalization of investigations. Supported by the Pelé Law and the Sports Fiscal Responsibility Law (Profut), the members advocate for contractual termination for just cause, arguing that the continued involvement of REAG/Arandu in the Fund's management is legally incompatible with the governance, transparency, and diligence duties imposed on sports entities.

Based on the laws governing sports and responsible management of sports entities, the Collective argues that Corinthians should adopt a preventive stance, severing ties with the manager and strengthening internal control mechanisms. In this sense, besides the contractual termination, the group requests the creation of a special committee, linked to the Deliberative Council and with member participation, to monitor investigations, oversee contracts, and ensure the transparent disclosure of all relevant information to the Corinthians community.

The request still needs to be physically filed at the club to be analyzed by the competent bodies. According to an investigation by Central do Timão, the creation of the committee is not considered feasible at this time, as the case files are under judicial secrecy.

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