Flamengo’s Deliberative Council met on Tuesday (13), to approve the creation of Flabet, the club’s new online betting site. Pixbet, Flamengo‘s current master sponsor, will manage the project.
With 123 votes in favor and just four against, the proposal received wide acceptance from councilors.
Flabet contract details
The signed contract guarantees Flamengo a minimum amount of R$82.5 million until 2027. Flamengo will distribute this amount as follows: R$10 million in the last four months of 2024, R$22.5 million in 2025 and R$ 25 million in 2026 and 2027.
Furthermore, Flamengo may receive an additional amount if 1% of Flabet’s gross revenue exceeds the agreed minimum amount.
It is worth noting that Flabet is a license of the Flamengo brand and, therefore, is not a new sponsorship. The club will not be responsible for any losses arising from the operation of the website.
The Pixbet brand will continue to appear on the team’s shirt until December 2027, during which Flamengo will receive a total of R$543 million.
Surety bond approval
In addition to Flabet’s approval, the Deliberative Council also gave approval for the signing of a contract with Banco XP. The objective is to guarantee a surety bond for the purchase of the land at Gasologista, where the club intends to build its new stadium.
The Council approved the proposal with 138 votes in favor, two against and three abstentions.
This surety bond, worth up to R$41.458 million, will be presented to the City of Rio de Janeiro, as required in the land auction notice.
Flamengo will pay 1.5% per year to Banco XP so that it can guarantee the payment of the amount if the Court decides to increase the price of the land after the judicial review.
To ensure that the works were carried out on schedule and in accordance with established guidelines, the club offered a second guarantee: the mortgage on Ninho do Urubu, Flamengo’s training center.
This measure reinforces the club’s commitment to executing the project and meeting the requirements set out in the notice.
