sport Club Corinthians paulista

Debts with labor (government severance indemnity
fund, salaries, vacation allowances, bonus salaries, and
others), contract obligations, suppliers, and retained
taxes reached R$ 9 million at the end of 2008 (R$ 8.19
million due in 2009 and R$ 813 thousand in 2010).
Tax debts were broken in installments. We filed a
request for adherence to “Timemania” lottery rules,
with a proportional remuneration to Clubs; whose
funds must be necessarily used to pay off (in no longer
than 240 months) tax obligations with the Federal
Revenue Service, National Institute of Social Security
(INSS) and the Government Severance Indemnity Fund
for Employees (FGTS). The tax debt, consolidated and
broken up in installments, via “Timemania”, and in
other governmental programs for debt subdivision and
renegotiation, totaled R$ 39.59 million. A large part of
the amount is due in the long run, diluted as from 2012
and beyond.
DEEP CLEANING
With the administrative reorganization, Corinthians managed to reach new deals
Daniel Passarella | We entered
into a deal with former coach
Daniel alberto passarella to end the
discussion on his contract termination
with Corinthians, in course of action
at FiFa. the deal was fixed in r$ 3.01
million. the last installment to settle
the accord, in the amount of r$ 1.49
million, is due in 2009.
Lyon and Sport Club Internacional|
in December 2007, we entered into a
deal with olympique lyonnais – lyon,
to end a discussion established in the
scope of FiFa, involving the remaining
balance of a debt related to the transfer
of federative rights of player Nilmar
Honorato da silva, occurred in July
2006. at the time, Msi licenciamentos
e administração ltda. / Msi – Media
sports investments ltd., then a partner
of the club, was responsible for the
transaction, however Msi was not
recognized by FiFa as a sports entity.
the deal calls for the total payment of
8.5 million euros, divided as follows:
a) € 2.5 million, at the signature of
the deal, already settled;
b) € 2 million, on June 30, 2008,
and another equal installment on
December 30, 2008, totaling € 4
million, also settled;
c) We entered into a “private
instrument for settlement of Debt
and other agreements” with
internacional, in the amount of € 2
million, acknowledging an equivalent
debt of r$ 5.36 million.
at the end of 2008, the remaining
amount due was only r$ 891
thousand, to be settled in 2009, as
agreed upon between the parties.
During many years, option prevailed at Corinthians for
resolving litigation always through lawsuits, postponing
solutions and, almost always, in unproductive, onerous way
for the club. Now, our way is reconciliation and renegotiation.
As there were actions against the club in the Brazilian court
and with FIFA, at the end of 2007, we decided to post in the
DRE a provision of R$ 40.95 million for contingencies. In the
statements of 2008, that provision was R$ 7.5 million, with
maturity distributed along 2009 (R$ 1.2 million), 2010 (R$
3.15 million) and 2011 (R$ 3.15 million).
Corinthians had no incidents, fines or sanctions for
non-compliance with laws and regulations of FIFA or the
Brazilian Football Confederation (CBF). But, for the
fact that the club is now in another era, we preferred to
resolve all our litigations with accords. On these lines,
we obtained reduction and subdivision of amounts due,
in the total of R$ 8.53 million at the end of 2008, with
R$ 6.89 million due in 2009 and R$ 1.63 million in 2010.
Nilmar | We established a deal with
the player for dismissal of the labor
suit filed by him against Corinthians,
in which he claimed the amount of
r$ 7.2 million. With the deal, entered
in august 2008, the club recognized
a debt of r$ 3.75 million, to be paid
off in two installments, between
2009 and 2010.
renato | Corinthians and sociedade
esportiva irineu, from santa Catarina,
entered into an agreement for
payment of a debt referring to signing
player renato, in 2001. For training
and educating the youth player, s.e.
irineu filed an action claiming the
amount of r$ 3.3 million. after the
renegotiation, the amount to be
paid was fixed in r$ 1.5 million, with
r$ 974 thousand already paid. the
balance will be settled in 2009.
sport club corinthians paulista
sustainabilitY rEport 2008 |21