Corinthians board set to release E&Y report 📄 | OneFootball

The Corinthians intends to release the report with the results of the evaluation by Ernst & Young, a financial consulting firm hired back in 2024 by the management of former president Augusto Melo, who was removed from office in August this year.

Last Monday, Ernst & Young executives presented the report to the club's board in a meeting at Parque São Jorge. According to the Gazeta Esportiva report, Corinthians received the document in hand this Thursday and plans to make it public. The intention is to publish it on the club's official website.

In a statement released by Corinthians on Monday, the club stated that “the contracts analyzed are protected by confidentiality and non-disclosure clauses, as well as the EY consultancy contract itself.”

For this reason, the top management is not allowed to publish the values involved in the analyzed documents. On the other hand, the final conclusions of the requested analyses of all eight contracts are expected to be released by Timão soon.

(Photo: Rodrigo Coca/Agência Corinthians)

What does the report say?

According to the Corinthians statement, the report presented by E&Y “corroborates the club's financial situation without presenting new facts that the current management is not already addressing.”

The work of Ernst & Young

E&Y was hired to analyze contracts drafted and signed during the terms of former presidents Andrés Sanchez and Duilio Monteiro Alves. The company completed the work and presented the results to Corinthians in May 2024.

However, the club decided not to pay for E&Y's service and, consequently, by contractual obligation, did not receive copies of the reports for each contract reviewed, which would include the consultancy's opinion. The contracts analyzed were chosen by Augusto Melo's management and included the following documents:

The decision by the management not to obtain copies of the final reports may have been motivated by the results presented, as E&Y found no significant issues, irregularities, or personal connections of former directors and their families in any of the investigated contracts.

Corinthians and Ernst & Young ended their partnership in September 2024.

Remember the Corinthians statement:

“Sport Club Corinthians Paulista informs that it received EY executives on the afternoon of this Monday (20) for the presentation of the consultancy report contracted by the previous management at the beginning of 2024.

This report corroborates the club's financial situation without presenting new facts that the current management is not already addressing.

Corinthians emphasizes that the analyzed contracts are protected by confidentiality and non-disclosure clauses, as well as the EY consultancy contract itself“.

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