The takeover of top Brazilian football club Corinthians by British-based Media Sports Investment (MSI) has led to speculation about whether it will initiate a process of change in the organisation of the country's football noted for its corruption and amateurism. Will the professionalisation of Corinthians extend to Brazilian football more generally? MSI leased control of Corinthians' soccer operation for ten years. Under the deal, they get 51 per cent of any profits during that period, and in return, agree to pay off the club's $20 million debt and spend at least $15 million on new players.
MSI spent over twice their target on players, splashing out an unprecedented $40 million, including a record fee of $22 million for Argentine star Carlos Teves. These moves reversed a decades-long trend for South American players to be sold to European clubs that can offer higher salaries, better living conditions and more personal security. The signings clearly paid off as Corinthians won the league for the first time since 1999.
MSI president Kia Joorabchian claims, 'Our financial results are far better than what most people anticipated we would achieve. We got $6.5 million from [shirt sponsor] Samsung, which is the biggest in Brazilian history; a big contract with Nike; a full stadium almost every game; and our sales are 250 per cent up on last year. All these things add up to show that there is a big potential finacially in this country.' Only six of the country's twenty-four top clubs are currently estimated to make a profit.
Where MSI's money comes from is somewhat uncertain. Joorabchian has refused to say, although he has let slip that millionaires from Eastern Europe and Russia are involved. One of them, Boris Berezovsky, a Russian businessman who was granted asylum in Britain after Russian authorities issued a warrant for his arrest on fraud and money laundering charges, told a Brazilian newspaper he would invest $50 million to help Corinthians build a new stadium. Let's hope it all doesn't end in tears as can be the case with these apparent windfalls.
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