Corinthians is the target of a federal investigation request for financial management
By Larissa Beppler and Henrique Vigliotti | Central do Timão newsroom
Corinthians became the target of a request for investigation by the Federal Public Ministry (MPF) after Criminal Justice Prosecutor Cassio Conserino filed, this Friday (26), a representation requesting the opening of a civil investigation to investigate possible irregularities in the club's financial management. The information was released by Uol and confirmed by Central do Timão.
The report had access to the document, in which the prosecutor maintains that the case goes beyond the internal scope of the club as it involves interests of the Union, Caixa Econômica Federal, the National Treasury and federal programs in which Corinthians participates, such as Timemania and Profut. The representation also mentions tax benefits granted to the club and federal funding related to Neo Química Arena.
Reproduction/Corinthians
Conserino substantiates the MPF's actions by stating that the management of professional sport is subject to the principles of financial transparency, administrative morality and social responsibility, provided for in sports legislation. According to him, the reservations presented by the independent audit of the 2025 financial statements, combined with the approval of the accounts by the Deliberative Council, would justify the investigation of possible acts of reckless management.
Federal interest
In the representation, the prosecutor states that the competence of the Federal Public Ministry arises from the existence of several links between Corinthians and the federal public administration.
Among them, mention:
- the resources received through Timemania;
- membership of Profut, a tax debt installment program;
- the financing of Neo Química Arena with Caixa Econômica Federal;
- the exemption from IRPJ and CSLL granted to non-profit civil associations;
- the tax transaction signed with the Attorney General's Office of the National Treasury (PGFN).
According to the prosecutor's office, possible accounting inconsistencies could compromise the oversight of these federal programs and benefits.
Timemania
One of the points highlighted in the representation refers to the resources coming from Timemania. The prosecutor claims that, although destined for a private entity, the amounts originate from a program established by federal law and, therefore, are subject to the interest of the Union.
In the assessment presented to the MPF, the reservations registered by the independent audit compromise the transparency of the club's financial statements and make it difficult to monitor the correct application of these public resources.
Profut
Another part of the representation deals with Corinthians' stay at Profut. Conserino states that the legislation requires minimum standards of governance, financial control and transparency for clubs to remain in the program. According to him, the approval of the financial statements with reservations, without adopting corrective measures, could constitute non-compliance with these requirements.
The document also reproduces audit notes according to which more than R$56 million relating to previous years would have been recognized only in the 2024 accounts, without re-presentation of the comparative statements, a situation that, according to the promoter, could distort the club's financial evolution.
Still in relation to Profut, Conserino questions the autonomy of the Corinthians Fiscal Council and highlights that the president of the board is Osmar Stabile's personal lawyer, a circumstance that, in the representative's view, may contradict the program's legal requirements.
Neo Química Arena
The representation dedicates a significant part of its content to Neo Química Arena. According to the promoter, the independent audit indicated insufficient information related to the club's main operational asset and the financing maintained with Caixa Econômica Federal, currently estimated at approximately R$642 million.
In the assessment presented to the MPF, the lack of adequate information prevents the correct analysis of the stadium's equity situation and debt payment capacity, which could affect the interests of the federal financial institution.
The document also reproduces audit notes according to which the accounting of around R$96 million related to the Arena's real estate fund would not adequately reflect the measurement of the asset linked to the structured operation of the stadium. For the promoter, the situation may constitute possible reckless management.
In addition, the representation mentions observations made by Ernest & Young consultancy on contracts involving companies linked to the Arena's operation, pointing out situations that, according to the document, deserve further investigation by federal authorities.
Tax benefits and agreement with PGFN
The prosecutor also questions the maintenance of the IRPJ and CSLL exemption granted to Corinthians. According to the representation, regular accounting is a requirement for enjoying the tax benefit and possible distortions in the financial statements could justify analysis by the Federal Revenue Service.
The document also mentions complaints involving alleged irregular payments to managers and states that the Revenue itself had already accepted previous representation from the State Public Prosecutor's Office to plan tax action.
Another point discussed refers to the tax transaction concluded between Corinthians and PGFN. The prosecutor states that the agreement, signed in February 2026, granted a discount of approximately R$593 million on consolidated tax debt exceeding R$1.27 billion.
According to the representation, the audit concluded that the recognition of this benefit in the 2025 financial statements would have occurred in disagreement with the accrual principle, producing an artificial overvaluation of the results for the year.
The document also mentions a request for impeachment presented against president Osmar Stabile due to the guarantees offered to the agreement signed with the PGFN, in possible non-compliance with the club's statutes.
Request to the MPF
Finally, the prosecutor requests that the Federal Public Ministry initiate a civil investigation to investigate possible damage to the interests of the Union, Caixa Econômica Federal and the National Treasury, verify compliance with legal requirements related to Profut and Timemania, analyze the transparency of the financial statements of Neo Química Arena and investigate the possible practice of acts of reckless management.
The prosecutor also requests that, if irregularities are found, the MPF adopts the appropriate legal measures, including the filing of a public civil action and, if necessary, judicial intervention limited to aspects related to the federal interests involved.
The representation also requests that documents be requested from Corinthians, Caixa Econômica Federal, the Attorney General's Office of the National Treasury, the Federal Revenue Service and the company responsible for the independent audit, in addition to carrying out accounting expertise and coordinated action with the State Public Prosecutor's Office and the Federal Police.
The representation will be analyzed by the MPF, which will decide whether there are sufficient elements to open a civil investigation. If the procedure is opened, the body will be able to request documents and information from Corinthians, Caixa, PGFN, Revenue and other bodies mentioned in the piece, and carry out investigations and investigations to investigate the facts.
Once the investigation is complete, the MPF may close the case, if it understands that there are no irregularities, or adopt judicial and extrajudicial measures, including the filing of a public civil action, if it identifies a possible violation of the Union's interests.
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Source: Timao Central