Caixa asks Corinthians for more time to set Arena naming rights value | OneFootball

By André Costa

Caixa Econômica Federal has requested more time from Corinthians to determine the value of the naming rights for the Neo Química Arena.

The president of Corinthians, Osmar Stabile, met with executives from the financial institution last Monday to discuss the matter. The valuation process (value estimation) is considered crucial for Timão and the bank to renegotiate the debt for the stadium's construction, estimated at R$ 660 million.

The representatives of Caixa requested more time, given that the established deadline had expired. The club's management is waiting to try to advance in the exchange of the arena's naming rights.

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Search for Partners

The current club administration has been looking for commercial partners willing to take over the stadium's naming rights since last year.

Currently, the rights belong to Hypera Pharma. The current contract with the pharmaceutical company, signed in 2020, stipulates that Corinthians will receive R$ 300 million over 20 years, which means R$ 15 million per season, adjusted for inflation.

The board led by Osmar Stabile believes that the figures are below current market standards. Since September of last year, the penalty for terminating the contract with Hypera Pharma is about R$ 50 million.

A faction within Corinthians believes that the club would be very close to settling the Neo Química Arena's debt with the change of the naming rights. However, the negotiation is only expected to advance after Caixa defines the stadium's valuation.

Next Game

This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.