Corinthians is facing a financial challenge as they have to pay a fine for terminating the contract with Pixbet. The company stopped sponsoring the club after the partnership with VaideBet.
Despite the initial announcement by the president of Corinthians, Augusto Melo, indicating that VaideBet would assume responsibility for the compensation, the director’s advisor clarified that there was confusion.
On January 7, Melo stated: “There is a fine of R$30 million, from Pixbet, which has completed one year (of the contract). Furthermore, there is a fine today of R$20 million, which it (VaideBet) will bear it. In addition to this sponsorship of R$360 million, it will bear the fine”, stated president Augusto Melo.
However, the reality is that Corinthians will have to deal with this financial obligation.
Corinthians, VaideBet and Pixbet
The agreement with VaideBet involves monthly payments of R$10 million over three years, totaling R$360 million. In addition, a bonus of R$10 million for signing the contract, which has already been passed on to the club.
The termination with Pixbet was due to exclusivity clauses in the contract, which gave the company the status of exclusive sponsor of Corinthians in the sports betting segment.
Despite VaideBet having debuted in the shirt’s master space in the Campeonato Paulista, Corinthians has not yet paid compensation to Pixbet.
The club’s legal department will assess compliance with contractual obligations by both parties. Therefore, it will seek to negotiate a favorable solution for the payment of the fine.
Pixbet had presented a proposal of R$75 million for the master sponsorship of Corinthians. However, the new board preferred VaideBet‘s superior offer, making the contract the biggest negotiation in Brazilian football to date.
Pixbet, in turn, signed a master sponsorship deal with Flamengo for R$85 million per season.
