Brazil's Caixa To Cut Funding For Athletics, Paralympic Sports By Around 20%

One of the main sponsors of Brazilian Olympic sports, financial institution Caixa, "will reduce its transfers to confederations" in the coming Olympic cycle ending in '20, according to Paulo Roberto Conde of FOLHA DE SÃO PAULO. None of the new contracts has been signed yet and "small changes could be made." The Brazilian Confederation of Athletics (CBAt), whose main sponsor is Caixa, will see a "10% decline in the funds it will receive" before the 2020 Tokyo Olympics. The amount to be transferred to CBAt this year will be reduced by R$3M ($960,000) in comparison with '16 -- from some R$16M to R$13M ($4.2M). The Brazilian Paralympic Committee was the Brazilian sports agency that received the most resources from Caixa in recent years. Of the R$120M received in the previous cycle, the committee will now receive R$95M ($30.4M) for '20 -- a decline of R$25M ($8M), or approximately 21% (FOLHA DE SÃO PAULO, 3/31).