In the early hours of yesterday (26) to today (27), the board of Corinthians released the financial statement for the year 2020. According to the document signed by RSM, a consulting company, the current debt of the Parque São Jorge club is R $ 956.9 million, not counting the amount due for the construction of Neo Química Arena. Last season, Timão closed with a deficit of R $ 123.3 million, with the football responsible for R $ 61.7 million of that amount.
In the 50-page document, the consultancy hired by the club details all of Corinthians’ debts. Most of Timão’s debt in the market is due in installments of taxes due, which totals more than R $ 300 million in the balance sheet. Following the ranking are the pending issues with unrealized revenues (R $ 260.9 million), suppliers (R $ 217 million) and image rights (R $ 121.4 million).
Last season, the year in which it raised R $ 189.2 million with the sale and transfer of player rights and another R $ 160 million with broadcasting rights, the Parque São Jorge club closed in the red (R $ 123.3 million ). The social club showed practically the same deficit as the football department (R $ 61.6 million).
The numbers can be consulted on the Corinthians website, and concern the board. Therefore, one of the goals of the current management is to cut spending by 20% in all departments of the club throughout this year. The goal is to gradually remedy debts and find a financial balance in the coming seasons.
Understand the composition of Corinthians’ R $ 956.919 million debt *:
Current liabilities (R $ 847.215 million)
Loans and financing: R $ 75.832 million
Suppliers: R $ 217.047 million
Image usage rights: R $ 121.442 million
Obligations and social charges: 138.218 million
Tax liabilities: R $ 5.264 million
Taxes in installments: R $ 22.212 million
Unrealized revenue: R $ 260.903 million
Other accounts: R $ 6.297 million
Non-current liabilities (R $ 443,514 million)
Loans and financing: R $ 28.502 million
Suppliers: R $ 10.715 million
Taxes in installments: R $ 304.613 million
Unrealized revenue: R $ 37.974 million
Provision for contingencies: R $ 61.710 million
* Corinthians’ current assets are R $ 333.810 million
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