The final report produced by Ernst & Younga multinational contracted by Corinthians for consultancy and strategic planning, it should take a few more days to be published.
How did you find out the ESPN This Wednesday (8), the detailed study produced by the company was presented this week to the black and white board, but will still be validated in a new meeting with the top hats in the coming days. With this, the so-called “transparency week” will also move to a new date.
Timão’s plan was that the report of the Ernst & Young was presented to the public in an action jointly with the club’s important boards, such as the financial and marketing.
According to the report, a document that reached the hands of the Alvinegro management body indicates a total debt of around R$2.1 billionbeing R$500 million more than projected in the last financial statement published by management Duílio Monteiro Alves.
Among the paths presented by Ernst & Young Corinthians is seeking judicial recovery, which is a legal provision for companies in a situation of economic and financial crisis. The consultancy document even treats the club’s staff as “insolvent“.
This, according to the ESPNwas appointed to black and white leaders as the “bitter medicinepossible in the face of the serious financial crisis.
There are also, among other suggestions presented, the transformation of Corinthians into a SAF (Football Public Limited Company).
The traditional organizational model in Brazil is the non-profit civil association, with the elections of its presidents determined by the statutes themselves.
When the company format is adopted, this enables the possibility of there being an investor for this SAF, who becomes the owner (majority or not) of the shares. In practice, the club now has an owner.
Furthermore, the legislation applied to the SAF also provides for changes regarding taxation, governance standards and financial adequacy rules, in addition to stricter obligations regarding the payment of debts of a civil and labor nature, which now have a deadline that could reach ten years for discharge, depending on specific rules.
According to the report, Corinthians told the Ernst & Young the desire that the path followed was similar to that adopted by Flamengo in management Eduardo Bandeira de Mellowhen it was up to the British multinational to draw up strategic planning for the club’s financial recovery.
If the black and white board’s decision is not to join the judicial recovery, the project tends to move towards a format similar to that outlined by Rubro-Negro a decade ago: short-term cash gain and debt extension.
A ESPN I also learned that the final report of the Ernst & Young I recommend the role of a CEO to Corinthians (Chief Executive Officerin English), which in practice operates as an executive director.
“End of the spree” generated discomfort
Still, according to the ESPN, the black-and-white stance in the hiring market in 2024 was not “endorsed” by the consultancy. On the contrary: it was a point of discomfort between the company and Rubens GomesO Rubãoformer vice president of football.
A Ernst & Young took a stand against investment exceeding R$100 million in reinforcements made by the club between January and February.
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Tags: Corinthians bomb report debt billion SAF judicial recovery
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