Banking Accounts of Brazilian Football Powerhouse Corinthians Blocked for Not Complying with Deal Made with Pixbet

Due to non-compliance of Brazilian men’s football powerhouse, Sport Club Corinthians Paulista, with an agreement with the nation’s online betting platform Pixbet, the São Paulo Court ordered the blocking of R$21.4 million (more than 3.7 million USD) in the club’s accounts.

Due to non-compliance with a financial agreement with a previous sponsor, Pixbet, the seven-time Brazilian champions, two-time FIFA Club World Cup winners, and one-time Copa Libertadores champions, Corinthians, were subject to account blockage. The club was sponsored by one of the top betting sites in Brazil until the end of 2023, but when VaideBet became the new main sponsor, the agreement was terminated.

Corinthians and Pixbet came to a deal in February, and Pixbet filed a lawsuit against the club, demanding more than R$40 million. R$20 million for the glove return that was paid to the club at the time, plus an additional R$20 million for the termination penalty.

It was agreed that “Timão” (the Great Team) would pay the entire cost in installments—11 installments of R$3.1 million and one installment of R$6 million in February—until the start of 2025. However, the club only paid the first six installments, failing to meet the terms of the contract.

What Went Wrong with Corinthians – Pixbet Agreement?

Information gathered indicates that Pixbet gave Corinthians R$30 million in gloves in connection with the three-year agreement, which was inked in December 2022. The contract guaranteed the shirt’s exclusivity over businesses in the gambling industry.

The so-called “master sponsor”, PixBet, paid Corinthians R$75 million a year to move from the shoulder blade to the shirt’s key area in the last months of 2023.

The club held an election during the negotiations. After ending talks with Pixbet, the newly appointed president, who took office in the first days of this, announced the deal with VaideBet, which agreed to pay R$120 million a year for three seasons in addition to R$10 million in gloves.

The newly-promoted head of Corinthians promised at the time of the announcement that VaideBet would pay the termination penalty with PixBet, which never happened.