O Corinthians had its accounts blocked by the São Paulo Court due to the outstanding amount of R$40 million with PixBet, a company that occupied the shoulder blade of the men’s team’s shirt until the end of 2023. The Court also determined that VaideBet, the club’s current master sponsor , direct financial transfers to PixBet until Corinthians’ debt is paid off.
Such as Gazeta Esportiva saidthe amount of R$40 million charged by PixBet is based on the R$20 million related to the termination fine and another R$20 million for the return of gloves that were paid to the club at the time.
In December 2022, Corinthians signed a three-year contract with PixBet, in an agreement that provided for exclusivity on the shirt over companies in the betting industry. However, since Augusto Melo assumed the presidency of the association, conversations with the company have been terminated.
Timão signed a new relationship with VaideBet, which committed to paying R$120 million annually for three seasons, in addition to R$10 million in gloves. The club, however, did not sign the termination with PixBet after an outstanding payment agreement, and only made a notification of unilateral termination, which does not exclude the board’s commitment to bear the costs expected to cancel the partnership.
This amount may even increase. If PixBet considers it relevant, it may sue Corinthians for moral damages or for violating the exclusivity clause previously established. The fine in question is in the contract as “compensatory”, that is, the bookmaker may consider that it has to be compensated for damage to its image and request a larger amount from Timão.
PixBet understands that Corinthians is experiencing financial problems and will probably not be able to pay this amount in a short period of time. Because of this, PixBet had its request granted by the Court that all money that would enter the club’s coffers via VaideBet would be transferred directly to its own cashier.
Therefore, if VaideBet maintains monthly payments of R$10 million, Corinthians can only receive payments from the company again in June, after paying off the debt with the former partner.
The blocking of Corinthians accounts by the São Paulo Court was first reported by Look.
Corinthians tries to reach an agreement
The Court’s decision can be appealed and Corinthians can still reach a new agreement with PixBet, proposing an installment plan, which does not compromise its cash flow so much and which is accepted by PixBet which, for now, is not satisfied with Corinthians’ proposals.
Internally, people at the club understand that the legal blockade is a strategy by PixBet to pressure Timão to seek a payment agreement that is more advantageous for the bookmaker.
Contract with VaideBet did not go through club compliance
A Sports Gazette found that Corinthians’ contract with VaideBet did not go through the compliance system that was implemented at the club in the second half of 2021.
At the time, the report made contact with the press office of the current Corinthians administration, led by president Augusto Melo, to clarify why the VaideBet contract had not passed the compliance scrutiny installed at the club. The answer came in a note to Sports Gazette: “The contract went through the compliance process carried out by Corinthians’ own legal department.”
The advisor then confirmed that the aforementioned compliance refers to an assessment carried out by the new members of the legal department, without the use of the club’s active compliance system at this time.