Palmeiras breaks a mega contract and loses one of its biggest assets
Palmeiras, without a shadow of a doubt, is one of the most successful clubs in Brazilian football, bringing in millions to the coffers. However, today we will talk about a R$70 million loss that the team suffered, due to the breach of a 3-year contract, and the loss of its greatest asset.
For those who don’t know, Palmeiras was ordered to pay more than 70 million reais in fines. According to information released by the portal ‘TNT Sports’, in 2010 the former president of Palmeiras, Luiz Gonzaga Belluzzo, broke his contract with Samsung, and that was what led the club to acquire this debt.
Palmeiras had a sponsorship with the brand since 2009, valid until December 2011. The director, at the time, informed the company about the breakup, as he was going to sign a new link with Fiat, which offered R$26 million for a contract of a year and a half. Samsung offered R$15 million at the time.
Samsung gets millionaire compensation from Palmeiras
After the split by Palmeira, the South American company sued the club. In 2021, the initial decision resulted in sanctions for the team. The action had already been pending in court for almost 14 years. It is worth noting that in both the first and second instances, the sentence was the same for the São Paulo club.
The team ended up being ordered to pay around R$3.5 million for unilateral termination, R$9 million for breach of reliability and additional indirect material damages of R$4.75 million.
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However, according to ‘UOL’, after corrections and interest increases, the amount owed increases to R$71 million. Current president Leila Pereira mentioned the case a few months ago, but, at the time, she was unable to specify the values. The director, however, admitted that the debt had already exceeded R$50 million.
Leila Pereira spoke about the subject
The legal department appealed to the second instance and managed to have the punishment for indirect material damage withdrawn. However, the other two decisions remained maintained for Alviverde. Thus, Leila Pereira, current president of Verdão, spoke about the situation in an interview.
“The last time Palmeiras unilaterally broke a sponsorship contract, and it wasn’t during my management, today I have a lawsuit worth more than R$50 million.”, began the president.
“We have to be responsible, I’m not here to give nice speeches to fans and the press. All sponsorship questions are simple. I have to fulfill the contract. With any sponsor”, said Leila Pereira.
When was Palmeiras founded?
Palmeiras, officially known as “Sociedade Esportiva Palmeiras,” was founded on August 26, 1914.
The club is one of the most traditional in Brazil and has a rich history in football and other sports.
Its headquarters are located in the city of São Paulo, and Palmeiras is known for its green and white colors, as well as its stadium, Allianz Parque.
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