EY Report Urges Restructuring or SAF as Corinthians' Debt Hits R$2.7 Billion

Overview

• The EY diagnostic, commissioned in early 2024 and shelved after nonpayment, was presented to president Osmar Stábile on Oct. 20 after the club settled the consultancy’s fee.
• EY found that even with about R$84 million a year in revenue and cost optimizations, cash generation would remain insufficient to service liabilities.
• The consultancy recommends court-led solutions such as the Regime Centralizado de Execuções or judicial/extrajudicial recovery, and it points to external capital via a SAF as an alternative.
• Corinthians already has an RCE in progress covering roughly R$367 million in debts, including R$190 million in judicial executions.
• The review flagged seven contracts with harmful terms, citing food and beverage at Neo Química Arena extended to 2030 and the Indigo parking deal through 2028, which the current board is moving to replace or renegotiate.