Brasileiro Side Grêmio's Stadium, Box Office Revenue In Jeopardy

A misunderstanding between Brazilian construction company OAS and three banks could have Brasileiro side Grêmio "holding matches far from its home" stadium, Arena do Grêmio, according to ESTADÃO. OAS' loan for R$260M, taken out in '12 for the construction of the Arena do Grêmio, was from Banco do Brasil, Santander and Banrisul. However, OAS has been "unable to pay up" more than the R$70M ($23M) of the debt it "has already settled." To avoid missing payments on OAS' loan, though, Banco do Brasil "wants" the club's revenue funds -- which are "maintained in an account with Banrisul" -- as a guarantee that the loan will be paid. In a statement, OAS said, "OAS Arenas is making every effort to overcome its current struggles and is confident that it can reach an agreement with the banks to guarantee the continuity of Arena do Grémio operations. The company is sure that it will not be without support from all involved parties during negotiations to achieve this goal" (ESTADÃO, 5/13).