Corinthians sold Pedro’s rights to Zenit to clear agent debt | OneFootball

Corinthians did not officially announce, but in August 2024, during Augusto Melo's management, it sold the 30% of the economic rights it still had of striker Pedro to Zenit, from Russia. Part of the amount obtained was used to pay off a loan with businessman Fernando Garcia, owner of the company Elenko Sports, which represents the player. The information was released by UOL.

According to Corinthians' 2023 financial balance, the club owed R$ 10.935 million to Fernando Garcia, an amount recorded as paid in the 2024 accounts, from loans obtained by Timão.

Photo: Rodrigo Oliveira/Central do Timão

As the club did not publicly position itself about the transaction at the time, the exact amount of the agreement was not officially disclosed. It is only known that the profit obtained was significantly lower than what Corinthians could receive in a possible transfer of Pedro, who is currently negotiating his departure from Zenit to Al-Ittihad, from Saudi Arabia, in a deal estimated at least 35 million euros.

If the negotiation is finalized, Timão would be entitled to 10.5 million euros, about R$ 66 million at the current exchange rate, plus 2.5% for the FIFA solidarity mechanism, which would generate an additional R$ 5.5 million to the Corinthians' coffers, totaling R$ 71.5 million.

After the repercussion of the player's percentage sale, Augusto Melo issued an official statement and confirmed that the amount was used to pay businessman Fernando Garcia.

“As it has always been public knowledge, the debts that Sport Club Corinthians Paulista had with football players' agents were astronomical. President Augusto Melo's management did everything possible and impossible to be able to pay these amounts, left by previous administrations.”, wrote the former president.

Former president Duilio Monteiro Alves also issued an official statement expressing surprise at the sale and denied that Corinthians used the money to pay a R$ 6.5 million debt with Zenit.

Trained in Corinthians' youth categories, Pedro was sold to Zenit for 9 million euros, with the club initially keeping 30% of the economic rights. Without this share, Timão will now only be entitled to 2.5% of a future transfer, for having been the club where Pedro played between the ages of 12 and 18, as provided by the FIFA solidarity mechanism. If the striker is sold for 35 million euros, the club would receive about R$ 5.5 million.

Check out Augusto Melo's full note:

“As it has always been public knowledge, the debts that Sport Club Corinthians Paulista had with football players' agents were astronomical. President Augusto Melo's management did everything possible and impossible to be able to pay these amounts, left by previous administrations.

The value of the percentage of the player Pedro was negotiated with businessman Fernando Garcia and the club where the striker played. These amounts were deducted from the huge debt Corinthians had with Elenko Sports.

All amounts were negotiated with the financial department of the time and also with the approval of the legal department. Like all negotiations made by Augusto Melo. His departments were unified and no decision passed without the consent of anyone who was there.

Contrary to what the former president said, nothing was hidden or done on the sly. The former president needs to explain how he made all these obscure sales of youth category athletes. For these and other reasons, the accounts of this administration need to be opened so that everything can be clarified.

Augusto Melo always cared for the Club and for paying the debts that were acquired by people who were in power before him. The responsible departments did everything to cope with this cursed inheritance that was left”.

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