RCE administrator challenges Corinthians' monthly payment calculation | OneFootball

The Corinthians’ Centralized Execution Regime (RCE) process has taken new turns after Laspro, the company appointed by the court as the judicial administrator of the plan, once again submitted a statement in the case files detailing the initial calculations for the club’s debt payment program, which aims to settle around R$ 190 million with various creditors.

The information was initially reported by ESPN and confirmed by Central do Timão, which obtained access to the document prepared last Wednesday (11). The administrator’s statement addresses the initial stage of the plan, which is scheduled to begin execution later this March.

Photo: José Manoel Idalgo/Ag. Corinthians

RCE Values

In the 35-page document, the administrator detailed the amount currently available in the court accounts linked to the RCE. According to Laspro, Corinthians has R$ 20.264 million deposited, an amount that should be distributed proportionally among the qualified creditors.

The distribution will follow the equal modality criterion, in which each creditor receives according to the weight of their credit in relation to the total debt. The model seeks to ensure that, throughout the plan, all creditors have their debts settled simultaneously.

The administrator also updated the total value of the debts included in the regime. Considering the application of the Selic rate, set at 18.4201% for the period, the liability rose from R$ 190.8 million to approximately R$ 226 million.

Administrator questions revenue calculation basis

Following its statement, Laspro analyzed the cash flow presented by Corinthians, based on the figures for February, which the club used to calculate the first installment of the plan, scheduled to be paid in March.

During the analysis, the administrator pointed out an accounting discrepancy in the reported figures. The club declared to the court that the valid revenues for calculating the monthly installment totaled R$ 64.2 million, but the financial statements presented indicate that the total revenue for the period was R$ 213.4 million, a difference of R$ 149.2 million.

According to the breakdown provided by the administrator, the amount considered by Corinthians includes:

Sponsorship – R$ 23.8 millionBroadcasting rights – R$ 14.1 millionMatchday – R$ 7 millionSocial club – R$ 4.6 millionAdvertising – R$ 4.3 millionFan membership – R$ 4.3 millionArena – R$ 2.4 millionOther receipts – R$ 2 millionRoyalties and licensing – R$ 1.4 million

On the other hand, the following were excluded from the calculation basis:

Financial operations – R$ 76.9 millionTransfers – R$ 65.5 millionPlayer negotiations – R$ 6.8 million

Laspro did not make any accusation of irregularity, but requested that the court summon the club to clarify how these revenues were classified and why they were not included in the calculation of the current monthly revenue used in the RCE.

The administrator also pointed out that, if these amounts are considered non-recurring revenues, as in the case of player transfers, they may be allocated to so-called reverse auctions, a mechanism provided for in the plan to expedite debt settlement with extraordinary resources.

In a statement, Corinthians said it has not yet been formally notified about the administrator’s statement, but affirmed that the amounts mentioned refer to managerial controls and will be reconciled with the official accounting.

“Sport Club Corinthians Paulista informs that, for now, it has not been formally notified about such a statement. The club, however, understands that this is a managerial cash value and it will be reconciled with the accounting, together with the judicial administrator.”

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Corinthians News

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