As Corporate Partner, Marin Has Ability To Choose Where World Cup Profits Go
When he took over the presidency of the Brazilian Football Confederation (CBF) and the 2014 World Cup Local Organizing Committee (COL), José Maria Marin "promised total transparency" in both organizations, according to Michel Castellar of LANGENET.com.br. But judging by the new social contract of the COL, "he is on track to follow the steps" of his predecessor, Ricardo Teixeira. The last changes to the COL contract, which were made official by Marin himself, gave him .01% of equity participation. The other 99.9% belonging to the CBF, which he runs himself (LANCENET.com.br, 7/18). UOL.com.br reported that as a corporate partner, Marin "has the power to decide on the destination of revenues" from the COL. In the contract, paragraph 1 of clause 17 grants to corporate partners the power to "decide on the destination of annual profits," or the right to deposit them in an account for later distribution (UOL.com.br, 7/18).