⚠️ A football giant on the edge

From the outside, it would appear that Corinthians — the most popular football club in Brazil’s most populous city, São Paulo — are on cloud nine. The 2025 season ended with a dramatic Copa do Brasil triumph over Vasco da Gama, earning fans major bragging rights over their trophy-less rivals and booking them a spot in the group stage of this year’s Copa Libertadores, the continent’s most prestigious club tournament.

2026 has seemingly started on a positive note as well, with Corinthians sealing a massive renewal to its sponsorship deal with betting firm Esportes da Sorte, and bringing in a new director of football with a reputation for working wonders in his previous job.

But these developments are merely temporary bandages on the festering financial wound that has afflicted Corinthians for more than a decade. A crisis which, given the advent of financial fair play rules in Brazilian football, could even threaten the club’s very existence.

According to balance statements from last year, Corinthians is buckling under a total debt of BRL 2.7 billion (USD 500 million). And the club is tying itself in knots merely to pay the interest on its liabilities, with Brazil’s benchmark rate sitting at 15%.

And while many factors have contributed to dragging Corinthians further down into its debt hole, there is one overarching culprit: the club’s stadium, the Neo Química Arena. 

For most of the club’s history, Corinthians never had…

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