Flamengo seek Copa Libertadores advance to smooth out cashflow

March 27 – Flamengo are chasing an upfront payment of the €1.6 million the Brazilians are entitled to for their participation in the group phase of the Copa Libertadores as they move to bolster their cash flow.

On Thursday, South American governing body Conmebol announced that clubs that are competing in the group stages of the continent’s premier competition or the second-tier SulAmericana can exceptionally request an advance of up to 60% of the payment of the participation fees.

Flamengo will contact the Brazilian Football Confederation (CBF) in a bid to secure the advance, writes Brazilian newspaper O Globo. The Rio giant is worried that the coronavirus pandemic will badly impact the club’s cash flow in the next few weeks.  Last week, the CBF suspended national competitions indefinitely and the local state federations followed the confederation’s lead by postponing the state championships.

 

The Brazilian clubs have all expressed concern of the loss of some sponsorship deals. Flamengo has been in negotiations with Amazon among others and has yet to conclude all its sponsorships for the new season. Last season, Flamengo enjoyed a stellar year, winning both the domestic and continental crown under the leadership and vision of Portuguese coach Jorge Jesus. As a result, the South American champions registered a record revenue of $204 million.

In this year’s Copa Libertadores, Flamengo have already played the first legs against both Junior Barranquilla and Ecuador’s Barcelona. Independiente del Valle is their third opponent in the group.

Contact the writer of this story, Samindra Kunti, at moc.l1591099764labto1591099764ofdlr1591099764owedi1591099764sni@o1591099764fni1591099764