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Corinthians Presses City Of São Paulo For $14.2M Owed For Stadium Construction

Brasileiro side Corinthians "are at odds" with the city of São Paulo over the Arena Corinthians' development incentive certificate (DIC) worth R$41.2M ($14M), according to Samindra Kunti of INSIDE WORLD FOOTBALL. The stadium's construction bill, provisionally at approximately R$1B, "bloated" to R$1.5B. The city of São Paulo offered the DIC as a "tax incentive" to finance the stadium. Only R$392.4M ($133.8M) of the R$434M ($148M) tax incentive "promised by town hall" has been paid. Corinthians President Roberto de Andrade: "I recall that the city promised from the start DICs ... then promised to fulfill that after the World Cup, but so far they have not given it to us." Corinthians has now been "urging the city via private and public channels" to make up on its promise. Corinthians is now looking to "partially pay off the stadium through income generated by a naming rights agreement" (INSIDE WORLD FOOTBALL, 3/3).

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