Why Andrés Sanchez joined Corinthians’ meeting with Caixa explained | OneFootball

The board meeting of Corinthians with executives of Caixa Econômica Federal last Monday included the participation of the former president of the alvinegro club, Andrés Sanchez.

The club met with Caixa to express the desire to renegotiate the interest rate for the financing of the Neo Química Arena. However, the presence of Andrés Sanchez was poorly received by the fans, generating criticism towards president Osmar Stabile.

(Photo: Rodrigo Coca/Agência Corinthians)

Why did Andrés participate in the meeting?

Gazeta Esportiva investigated the reason for Andrés Sanchez's participation in the meeting. There are two reasons that help explain the former leader's presence at the meeting.

The first and main reason was a request from Caixa representatives. According to information obtained by the report, people connected to the financial institution, who are part of the negotiations, requested Andrés's presence, as he has been involved in the discussions from the beginning and maintains a good relationship with the state bank.

He is therefore seen by these people as a trusted figure to discuss the matter.

Additionally, Andrés claims behind the scenes that he has no intention of participating in Corinthians' politics or holding any position in the club's management. However, he will not refuse to help. In this case, as he was invited by Stabile, he agreed to participate in the meeting.

Stabile at a crossroads

The situation, according to the report, left Osmar Stabile at a crossroads. The president initially did not plan for Andrés's presence, but the request for his participation put him in a difficult position.

As Stabile wanted to proceed with the case and could face difficulties in advancing the renegotiation without meeting the request, he yielded, although he was aware that the presence of the former president would bring him fan rejection and internal pressure.

This Wednesday, for example, leaders of Gaviões da Fiel went to Parque São Jorge to demand explanations from the president, but Stabile was not there. However, he called the uniformed fans and scheduled a meeting for Thursday.

Investigated by the Public Prosecutor's Office

One of the reasons Andrés faces such rejection from the fans is the fact that he is being investigated by the São Paulo Public Prosecutor's Office (MP-SP) for alleged misuse of Corinthians' corporate cards. The case is also being investigated internally by the club's Justice Committee.

In early July, Andrés admitted to using the card improperly for personal expenses in Tibau do Sul, Rio Grande do Norte, at the end of his last term in 2020.

Days after the spending revelation, he reimbursed Corinthians with interest and monetary correction. However, this did not exempt the former president from facing a disciplinary process in the club's Ethics and Discipline Committee. Fans are demanding punishments and even expulsion of Andrés.

Understand the negotiation

Corinthians understands that the current agreement with Caixa is detrimental to the club due to the high interest rate. Therefore, Timão is trying to reduce the rate by almost half.

The current contract adopts the rate of Selic+2%, totaling nearly 18%. Corinthians wants to change the agreement to the model linked to the IPCA (Broad Consumer Price Index), which would reduce the numbers to 9%.

(Photo: Evander Portilho/Agência Corinthians)

Million-dollar debt

Currently, Corinthians' debt for the construction of the Neo Química Arena is estimated at R$ 675 million.

The liability had already exceeded R$ 700 million, but decreased thanks to the ‘crowdfunding’ initiated by Gaviões da Fiel, the club's main organized fan group. The project has already raised more than R$ 40 million.

Recently, the president of the club's Deliberative Council, Romeu Tuma Júnior, caused controversy by suggesting in a press conference that the team suspend payments until an agreement with Caixa is reached. However, Osmar Stabile's management does not intend to take any action without the financial institution's consent.

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