The 1st Chamber of Public Law of the Court of Justice of Rio decided to maintain the attachment of the headquarters of the Brazilian Jockey Club. The measure seeks to ensure the payment of an IPTU debt that exceeds R$42 million.
The decision reaffirms the seriousness of the institution’s financial situation, which faces significant challenges. The value refers to the years 2018 to 2021. The property, listed as historical heritage, was offered by the club in the tax enforcement action filed by the municipality of Rio.
Despite being listed, the property can be seized
But the city hall disagreed with the offer, as the characteristics of the property, especially its listing, end up restricting or preventing interested parties from an eventual auction.
Furthermore, the sale could result in the extinction of one of the city’s most traditional private clubs. Therefore, the city hall asked that the seizure be applied to the money in the club’s accounts.
Thus, the decision by the Rio Court of Justice increases pressure on the club, which now faces the urgency of finding solutions to avoid even greater losses.
The judges, however, denied the appeal. According to the decision, the property was accepted as collateral because it better complies with the principle of least burdensomeness to the debtor.
But, despite the restrictions on property rights imposed by listing, seizure can occur. Therefore, the municipality must be notified in advance to exercise its right of preference.
This decision marks an important chapter in the history of the Jockey Club, highlighting the challenges faced by traditional institutions in times of financial crisis.
Club history
Founded in 1932, the Jockey Club Brasileiro is the oldest and one of the most traditional turf clubs in the country. Located in the south of Rio de Janeiro, the Gávea Hipódromo occupies 640 thousand m². The current club arose from the merger between the Derby Club and the Jockey Club, both responsible for promoting horse racing in the city.
The Brazilian Grand Prix, the main event of the year, brings together horse racing experts and admirers from all over the world. Therefore, in addition to racing, the Brazilian Jockey Club offers various activities and attractions, becoming a multifunctional space, with:
- School of Turf Professionals
- Theater
- Restaurants
- Art galleries
- Cultural and social
