Brasileiro side Corinthians has closed the '14 financial year with a €29.8M deficit, according to Samindra Kunti of INSIDE WORLD FOOTBALL. The losses "could impact on the club's presidential elections" on Feb. 7. There were "two main factors contributing to the deficit." The incremental revenues generated at the new Arena Corinthians were used to pay off the construction of the stadium with the club "having to amortize the arrears incurred by the administration" under Andres Sanchez. The club also paid about €16.5M to government tax collection agency Refis. In the transfer market the club spent €13.2M on the services of 25-year-old striker Alexandre Pato, who failed to "have the impact Corinthians had hoped for." He has been loaned out to city rival Sao Paulo, but Corinthians continues to pay "part of his wages." The '14 figures are a "dramatic reversal for Corinthians," which in '13 had a surplus of €330,000. The economic downturn is "also bad news for Roberto de Andrade, the presidential candidate who is attempting to succeed his ally Mario Gobbi" (INSIDE WORLD FOOTBALL, 2/2).