Supreme Court Halts Corinthians Sponsor’S National Operations
(MENAFN- The Rio Times) Brazil's Supreme Court Justice André Mendonça suspended the nationwide operations of betting companies licensed by Rio de Janeiro's state lottery (Loterj).
This ruling affects Esportes da Sorte, the main sponsor of Corinthians and partner of other soccer clubs. Esportes da Sorte and similar companies received permission to operate nationally on October 16, 2024.
This authorization was set to expire on December 31. The Ministry of Finance released a list of approved companies on the last day of 2024, excluding Esportes da Sorte.
The court order gives Loterj and Rio's government five days to comply. Esportes da Sorte claims it meets all responsible gaming requirements and holds necessary certificates.
The company awaits the Supreme Court's final decision, which has no set date due to the year-end recess. Esportes da Sorte applied for a national license with the Ministry of Finance.
The company expects a response within 150 days. Corinthians, who signed a R$309 million deal with Esportes da Sorte in July 2024, awaits the company's statement on the matter.
The betting firm not only pays for jersey sponsorship but also helps fund striker Memphis Depay's salary. This three-year agreement now faces uncertainty due to the court's decision.
Esportes da Sorte maintains it can operate under Loterj's Authorization and Accreditation Term. The company states it fulfills legal requirements, including responsible gaming standards.
It awaits public statements from relevant authorities and reaffirms its commitment to sector regulation. This ruling creates a complex situation for Corinthians and other clubs relying on betting company sponsorships.
The outcome may significantly impact Brazilian soccer's financial landscape. As the legal process unfolds, clubs and sponsors alike face an uncertain future in this evolving regulatory environment.
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