Corinthians faces calls for federal probe over finances | OneFootball

Corinthians has become the target of a request for an investigation by the Federal Public Prosecutor’s Office (MPF) after criminal prosecutor Cassio Conserino filed, this Friday (26), a petition requesting the opening of a civil inquiry to investigate possible irregularities in the club’s financial management. The information was reported by Uol and confirmed by Central do Timão.

The report had access to the document, in which the prosecutor argues that the case goes beyond the club’s internal sphere because it involves the interests of the Federal Government, Caixa Econômica Federal, the National Treasury, and federal programs in which Corinthians participates, such as Timemania and Profut. The petition also mentions tax benefits granted to the club and federal financing related to Neo Química Arena.

Reproduction/Corinthians

Conserino bases the MPF’s involvement on the grounds that the management of professional sports is subject to the principles of financial transparency, administrative morality, and social responsibility, as provided for in sports legislation. According to him, the qualifications presented by the independent audit of the 2025 financial statements, together with the approval of the accounts by the Deliberative Council, would justify an investigation into possible reckless management practices.

Federal interest

In the petition, the prosecutor states that the Federal Public Prosecutor’s Office has jurisdiction because of the existence of several links between Corinthians and the federal public administration.

Among them, he cites:

According to the prosecution, any accounting inconsistencies could compromise the oversight of these federal programs and benefits.

Timemania

One of the points highlighted in the petition concerns the funds coming from Timemania. The prosecutor argues that, although intended for a private entity, the amounts originate from a program established by federal law and, therefore, are subject to federal interest.

In the assessment submitted to the MPF, the qualifications recorded by the independent audit undermine the transparency of the club’s financial statements and make it harder to monitor the proper use of these public funds.

Profut

Another section of the petition deals with Corinthians’ continued participation in Profut. Conserino states that the legislation requires minimum standards of governance, financial control, and transparency for clubs to remain in the program. According to him, the approval of financial statements with qualifications, without corrective measures being adopted, could constitute non-compliance with these requirements.

The document also reproduces audit findings according to which more than R$ 56 million referring to previous fiscal years was recognized only in the 2024 accounts, without restating the comparative statements, a situation which, according to the prosecutor, may distort the club’s financial evolution.

Still regarding Profut, Conserino questions the autonomy of Corinthians’ Fiscal Council and points out that the chairman of the body is Osmar Stabile’s personal lawyer, a circumstance that, in the petitioner’s view, may conflict with the program’s legal requirements.

Neo Química Arena

The petition devotes a significant part of its content to Neo Química Arena. According to the prosecutor, the independent audit pointed to insufficient information related to the club’s main operating asset and the financing maintained with Caixa Econômica Federal, currently estimated at approximately R$ 642 million.

In the assessment submitted to the MPF, the lack of adequate information prevents a proper analysis of the stadium’s financial position and debt repayment capacity, potentially affecting the interests of the federal financial institution.

The document also reproduces audit findings according to which the accounting of around R$ 96 million related to the Arena real estate fund would not adequately reflect the measurement of the asset linked to the stadium’s structured operation. For the prosecutor, the situation may constitute possible reckless management.

In addition, the petition mentions observations made by Ernest & Young consultants about contracts involving companies linked to the Arena’s operation, pointing to situations that, according to the document, deserve deeper investigation by the federal authorities.

Tax benefits and agreement with the PGFN

The prosecutor also questions the continuation of the IRPJ and CSLL tax exemption granted to Corinthians. According to the petition, proper accounting records are a requirement for enjoying the tax benefit, and any distortions in the financial statements could justify analysis by the Federal Revenue Service.

The document also mentions complaints involving alleged improper payments to directors and states that the Revenue Service itself had already accepted a previous petition from the State Public Prosecutor’s Office to schedule a tax enforcement action.

Another point addressed concerns the tax settlement entered into between Corinthians and the PGFN. The prosecutor states that the agreement, signed in February 2026, granted a discount of approximately R$ 593 million on a consolidated tax debt exceeding R$ 1.27 billion.

According to the petition, the audit concluded that the recognition of this benefit in the 2025 financial statements occurred in disagreement with the accrual principle, producing an artificially overstated result for the fiscal year.

The document also mentions an impeachment request filed against president Osmar Stabile because of the guarantees offered for the agreement signed with the PGFN, in possible violation of the club’s bylaws.

Request to the MPF

Lastly, the prosecutor requests that the Federal Public Prosecutor’s Office open a civil inquiry to investigate any harm to the interests of the Federal Government, Caixa Econômica Federal, and the National Treasury, verify compliance with the legal requirements related to Profut and Timemania, analyze the transparency of Neo Química Arena’s financial statements, and investigate the possible practice of reckless management acts.

The prosecutor also asks that, if irregularities are found, the MPF adopt the appropriate legal measures, including filing a public civil action and, if necessary, judicial intervention limited to aspects related to the federal interests involved.

The petition also requests that documents be required from Corinthians, Caixa Econômica Federal, the Office of the Attorney General of the National Treasury, the Federal Revenue Service, and the company responsible for the independent audit, in addition to conducting an accounting expert examination and coordinated action with the State Public Prosecutor’s Office and the Federal Police.

The petition will be analyzed by the MPF, which will decide whether there are sufficient elements to open a civil inquiry. If the proceeding is opened, the agency may request documents and information from Corinthians, Caixa, the PGFN, the Revenue Service, and other bodies mentioned in the filing, and carry out inquiries and expert examinations to investigate the facts.

Once the investigation is concluded, the MPF may archive the case if it understands that there are no irregularities, or adopt judicial and extrajudicial measures, including filing a public civil action, if it identifies any violation of federal interests.

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