Corinthians Faces Financial Setback as Court Freezes Accounts Over Pixbet Debt

A São Paulo court froze Corinthians football club’s bank accounts on October 1, 2024, creating a major financial obstacle.

This action stems from an unpaid debt of R$40 ($7.3) million owed to their former sponsor, Pixbet.

The debt originated from an early termination of the sponsorship contract between Corinthians and Pixbet. Initially, the club had agreed to a payment plan with Pixbet at the beginning of the year.

However, Corinthians failed to fulfill its obligations after the sixth installment. Attorney Nelson Wilians, representing Pixbet, explained the situation.

“We initially secured an arrest of the club’s accounts, leading to an agreement between the parties. Unfortunately, Corinthians stopped paying after the seventh installment, forcing us to resume execution,” he stated.

The legal team for Pixbet is now pursuing not only the original debt but also additional fines and legal fees.

This development marks a significant turn in the ongoing financial saga of the São Paulo-based club.

Corinthians’ relationship with Pixbet began in 2022 with a three-year contract set to end in 2025.

However, the club decided to terminate this agreement prematurely in January 2024. They then signed with a competitor, Vai de Bet. The partnership with Vai de Bet proved short-lived.

In June, the sponsorship ended abruptly when police began investigating payments to a shell company involved in mediating the contract.

This series of events has left Corinthians in a precarious financial position. Club president Augusto Melo had previously addressed financial transparency at an event on September 13.

However, this recent court order highlights the ongoing challenges faced by the organization in managing its financial obligations and sponsorship agreements.