When Andrés Sanchez, in his first term as president of Corinthians, announced the construction of the club stadium on September 1, 2010, said the work would cost R$ 335 million. The following year, the arena in Itaquera, east of Sao Paulo, was announced as the venue for the opening of the 2014 World Cup. At the time of the opening of the championship, the final price of the work had jumped to R$ 985 million (R)$ 1.9 billion in corrected values), well above the original cost.
Increase in Costs Part of this increase is attributed to the provisional structures that the stadium had during the World Cup, such as temporary stands that increased the capacity from 48,000 to 64,000 seats. O Corinthians You didn't throw it at the scene before those structures were removed.
Debt and Internal Disputes For years, the exact calculation of the debt for the new arena was the reason for internal disputes in São Jorge Park. In 2019, a committee of the Deliberative Council pointed out that the club owed R$ 1.03 billion to Odebrecht, a construction company responsible for the work, in addition to financing with Caixa Econômica Federal. Andrés Sanchez contested this value, claiming that parts of the work were not completed and that the club had passed about R$ 380 million to Odebrecht through ICDs. In September of that year, Odebrecht and Corinthians announced an agreement to close the debt, with the club agreeing to pay R$ 160 million.
Financial Structure of the Project The stadium's original project was self-financing. Odebrecht would pay for the work with its resources and recover the money with revenues generated by the arena. The financing included a loan from the Cash of R$ 400 million and the CIDs given by the city, estimated in R$ 420 million. Revenue from the commercial exploitation of the arena, such as the sale of the naming rights, were expected to help pay off the debt, but the delay in carrying out these sales inflated the debt with the Box.
Current Debt According to an EY consulting report released at the end of May, the club still owes R$ 703 million cash. The debt is adjusted by the CDI (Interbank Deposit Certificate) plus 2% per year. In 2023, the club began to pay only the interest on financing, with the main amount beginning to be settled from 2025. O Corinthians You have until 2041 to settle the debt.
Impact on Club Financial Health Billionaire debt significantly impacts Corinthians. The club estimates that it has already paid R$ 265 million to the state bank. The EY consultancy points out that by adding this debt with others, the total amount is R$ 1.58 billion, making the Corinthians The most indebted club in the country. The current board considers discharge of this debt essential to release revenue from the arena and improve the club's financial situation.
