Corinthians keep EY report secret, despite president's promise

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Central do Timão

·21 ottobre 2025

Corinthians keep EY report secret, despite president's promise

By Daniel Keppler / Central do Timão Editorial Team

On the afternoon of Monday, the 20th, the Corinthians board met with representatives from EY, the consulting firm that provided services for Augusto Melo’s administration between January and September 2024. The purpose of the meeting was to receive investigation reports conducted by the company during the partnership, whose findings had not been delivered due to non-payment for services at the time.

According to the statement released by the Alvinegro, the document delivered “corroborates the club’s financial situation without presenting any new facts that the current board is not already addressing,” also pointing out that both the contracts analyzed by EY and the contract between the club and the company itself are “protected by confidentiality and non-disclosure clauses.”

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A year of deadlock

The information that the company’s investigation did not find any irregularities in the contracts analyzed—seven in total, signed during the administrations of Andrés Sanchez and Duilio Monteiro Alves—is not new. In March of this year, Central do Timão obtained access to emails exchanged between Corinthians and EY, indicating that the consultancy delivered preliminary results of the investigations to the administration in a meeting held in May 2024.

However, given the information that no irregularities had been found, Augusto Melo’s administration chose not to pay for the service and never received the report. In the following months, club advisors sought answers about the document from both Augusto Melo and EY directors, without success. The deadlock was one of the issues raised by the Guidance Council (CORI) last November, when recommending the impeachment of the then club president.

It is worth remembering that even the delivery of these preliminary findings was denied by Augusto Melo. In January of this year, during an interview with the portal Meu Timão, the former president stated: “It’s not in my hands. I never received this report. As soon as I leave here, I’ll talk to my legal team. This report never reached my hands. That’s a lie.”

Promises of disclosure

In the same interview, Augusto Melo had promised to deliver the report as soon as he received it: “It can (be disclosed), as soon as we have the report, we want (to disclose it). And whatever needs to be disclosed, we will disclose. It’s not my problem, on the contrary. A thorough investigation must be done, because I’m not going to keep paying for things I didn’t do and I’m not going to keep suffering this pressure, like they’ve been putting on me here every day.”

However, such disclosure never happened. At the time, it was already known that EY had completed a series of tasks for which it was hired, including a due diligence analysis, a governance review (management pillars), a cost reduction mapping, and finally, the analysis of the seven contracts signed by the club during the two previous administrations (Andres Sanchez and Duílio Monteiro Alves).

The report returned to the political agenda at Corinthians in 2025, with president Osmar Stabile promising, on at least two occasions, to disclose its contents. The first was during an interview on Rádio Bandeirantes, on August 1, when the executive stated he would make the investigation results public:

“Of course, we need to do this (disclose). The fans ask, the press asks, the advisors ask, and we will do it, as much as possible. In fact, we have already made the first payment, out of five, which we split up, and I believe that soon, as soon as we make the second payment, they will present the report to us. With the second installment comes the presentation, I believe that right after September 9, we will have the report and we will present it, no matter who it hurts!”

Weeks later, in a press conference at Parque São Jorge on the 25th, Stabile spoke again on the subject, repeating his commitment to disclose the consultancy’s analysis results. “The EY report, we have already made some payments and it is practically available, so I believe that as soon as possible we will make it available”, he said.

What changed?

Even before Monday’s meeting, Central do Timão reached out to EY, questioning whether it was true that two installments of the agreement were required to deliver the report and what the actual situation regarding the document was. In response, the company stated: “Due to confidentiality reasons, EY does not comment on or disclose details about procedures involving its clients, former clients, or projects.”

In an investigation following the meeting between the club and the company, sources stated that the consultancy’s stance was reinforced to the directors—even the slides used by EY to present the investigation results had a confidentiality seal, emphasizing that the information delivered to the club would remain confidential.

Another point of note concerns the analysis carried out by the consultancy regarding Corinthians’ financial situation. According to reports, EY’s analysis, conducted during the first half of 2024—therefore before the mid-year transfer window—already pointed to a forecast of a financial crisis at Alvinegro.

Read the Corinthians statement

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

This report corroborates the club’s financial situation without presenting any new facts that the current board is not already addressing.

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

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