Corinthians may leave RCE, seek direct deals with creditors | OneFootball

The board of Corinthians, led by Osmar Stabile, is considering leaving the Centralized Execution Regime (RCE). Part of the management is uncomfortable with the high interest rate associated with the plan and is evaluating the possibility of abandoning the model.

The payment regime, created to settle a debt of R$ 367 million owed by the club to creditors, stipulates that the amounts be adjusted by the Selic rate, currently at 15% per year.

As exclusively reported by Gazeta Esportiva, Osmar Stabile believes that Corinthians can secure better payment terms by negotiating directly with creditors through individual agreements. The president has therefore asked the directors responsible for RCE-related matters to assess the feasibility of leaving the regime.

(Photo: Rodrigo Coca/Agência Corinthians)

Disagreements with the previous management

Members of the previous board, led by Augusto Melo, claim they resorted to the RCE because they believed it was impossible to negotiate individually with all creditors. Stabile, however, considers that the club should at least attempt to reopen direct dialogue.

RCE under scrutiny

The current management also questions the criteria adopted by the previous administration in formulating the plan. Osmar Stabile and his peers disagree with some of the charges and the list of creditors included in the RCE.

Among the contested amounts is a payment of R$ 700,000 to the company Rede Social Media Design LTDA, of which Alex Cassundé is a partner. The amount was said to be for a brokerage contract in the sponsorship agreement with the betting company VaideBet. Cassundé was later charged in court with criminal association, money laundering, and qualified theft, becoming a defendant.

Additionally, the club annulled in court an execution exceeding R$ 22 million claimed by businessman Giuliano Bertolucci, an amount that was part of the R$ 78.2 million he included in the RCE.

Understanding Corinthians' RCE

Corinthians initiated the Centralized Execution Regime process about ten months ago, but the plan has not yet been fully approved. The proposal aims to spread R$ 367 million in debts over ten years, with the goal of organizing finances and reducing judicial blocks. Of this amount, R$ 190 million is already in the process of execution in court.

The first plan presented by the club proposed allocating 4% of recurring revenues – such as TV rights and sponsorships – and 5% of revenues from player sales. The proposal was rejected by some creditors, who requested an increase in the percentage to 20%, something Corinthians considers unfeasible.

Subsequently, Corinthians presented a new progressive proposal, with a gradual increase in percentages, as follows:

With the RCE, the club seeks predictability in expenses and relief from blocked accounts, viewing the regime as an important step in financial restructuring. However, given the high interest rates and disagreements over the included amounts, Corinthians' continued participation in the plan is now being questioned by the new management.

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