São Paulo court approves Corinthians plan to repay about R$450 million over 10 years | OneFootball

A São Paulo court approved Corinthians' Regime Centralizado de Execuções, RCE, plan on Tuesday night, concluding a process that lasted more than a year. The scheme will repay about R$ 450 million over 10 years.

According to Globo.com, the club initially listed R$ 367 million under the plan. Interest, corrections and new creditors have since lifted the total, and around R$ 200 million was already tied up in enforcement cases.

The package covers sums owed to agents, suppliers and players due image rights, among others. It excludes tax liabilities and the Neo Química Arena financing with Caixa Econômica Federal.

Repayments will be progressive, tied to recurring revenue at 4% in the first year, 5% in the second and 6% from the third.

Lawyers Elias Mubarak and Júlio Mandel led the RCE request, with councillors and club executives also involved. The club aims to end frequent bank account freezes and views the plan as a fundamental step in its financial restructuring.

Corinthians' total debt currently exceeds R$ 2.7 billion.

Source: Globo.com