The São Paulo Court ordered the blocking of R$21.4 million in Corinthians‘ accounts. This measure was taken due to non-compliance with a financial agreement with former sponsor Pixbet. The company sponsored the club until the end of 2023, but the contract was broken with the arrival of VaideBet as the new master sponsor.
In February, Corinthians reached an agreement with Pixbet, which demanded more than R$40 million from the club in court. R$20 million referring to the termination fine and another R$20 million for the return of gloves paid to the club at the time.
It was decided that Corinthians would pay the total amount in installments until the beginning of 2025 (one installment of R$6 million in February and another 11 installments of R$3.1 million). However, Timão did not fulfill the terms of the contract, having only paid the first six installments.
Lawyer Nelson Wilians, representative of Pixbet, said: “Corinthians stopped paying from the seventh installment onwards, which led to the resumption of execution to collect the outstanding installments, in addition to fines and legal fees.”
“The action aims to ensure full compliance with Pixbet’s rights, as stipulated in the contract”, he added.
Understand the case of Corinthians and Pixbet
According to information obtained, Pixbet paid Timão R$30 million in gloves relating to the three-year contract, signed in December 2022. The agreement provided for exclusivity on the shirt over companies in the betting sector.
In the last months of 2023, PixBet offered R$75 million annually to Corinthians to migrate from the shoulder blade to the prime space of the shirt, the so-called ‘master sponsor’.
During negotiations, the club went through an election. Thus, Duilio Monteiro Alves was replaced by Augusto Melo, president inaugurated on January 2nd of this year.
From then on, conversations with Pixbet were terminated at Melo’s request. On January 7, the president announced the agreement with VaideBet, which committed to paying R$120 million annually for three seasons, in addition to R$10 million in gloves.
At the time of the announcement, Augusto Melo guaranteed that the termination fine with PixBet would be assumed by VaideBet.
“There is a fine of R$30 million, from PixBet, which completed one year (of the contract) and has a fine today of R$20 million, which it (VaideBet) will bear. Apart from this R$360 million sponsorship, she bears the fine”, he said.
Amounts to be returned
According to MSN, Augusto’s statement was unfounded. The fine of R$20 million due to the subtraction of the proportional value would have to be paid by Corinthians itself. Initially, payment was expected in cash, but PixBet accepted installments.
Corinthians would also have to return to PixBet the proportional value of the gloves received. This value, as well as the amount of the fine, is valued at R$20 million.
Therefore, Corinthians, who on the eve of the announcement of the partnership with VaideBet, received R$20 million between gloves and the first installment. Thus, it simultaneously incurred an expense of R$40 million with Pixbet.