September 4 – Brazil’s Corinthians have taken a significant step towards paying off the $98 million debt of its stadium development with a the signing of a naming rights deal.
Pharmaceutical giant Neo Química has committed to $55.6 million for a 20-year agreement that see the 49,200 capacity facility called the Neo Química Arena.
Club president Andrés Sanchez said: “We closed the contract in record time; a very complex negotiation. The changes will come with all communications from the club. Our team is meeting with New Química to make a co-ordinated change.
Completing the deal has enabled Corinthians to clear up legal disputes around the construction. “We had three debts: Caixa, a construction company and a company affiliated with the construction company. With the construction company, we took the discharge, awaiting judicial recovery from the other company to end the negotiations,” said Sanchez.
Corinthians are now opening discussion with Neo Química to become the club’s new shirt sponsor.
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