Odebrecht Says Corinthians Football Club Owes US$ 213 million for São Paulo Arena

Club managers recently debated Itaquerão construction accounting

Odebrecht estimates that the Corinthians football team owes R $ 800 million ($213 million) from for the construction of the stadium in Itaquera, inaugurated in 2014. The football team's board contests the amount.

The club also owes R$470 million (US$ 125 million) on loan from BNDES that was endorsed by Caixa. The club believes that the amount of debt with the state bank is just over R$ 400 million (US$ 107 million).

In addition to this amount, about R $ 380 million in CIDs (Certificate of Development Incentive) have already been passed through the fund that administers the stadium to Odebrecht last year. CIDs work as a tax incentive. City hall issued the bonds, and they are sold on the market. Those who purchase these papers can use them for payment of discounted municipal taxes.

Arena Corinthians (Itaquerão). (foto Gabriel Cabral/Folhapress)

"The problem is that this sum does not exist because it includes interest." Ah, today the stadium is R $ 1.3 billion (R $ 1.35 billion, actually), but this is with interest of 15. Indeed, the number is much lower, "says the club's financial director, Matias Romano Ávila.

Corinthians claims that some items planned to be delivered by the contractor were not completed - such as the external flooring, granite placement, and finishing in the restaurant area.

When the arena was inaugurated on May 2014, before the World Cup in Brazil, the work budget was R $ 985 million (US$ 263 million).

Translated by Kiratiana Freelon

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