Brazilian FA announce financial aid for top-flight football clubs

With the Covid-19 pandemic stopping all play in Brazil’s football leagues, several clubs are facing financial ruin as their revenue streams dry up. In response to desperate pleas from the boards of the country’s top sides, the Brazilian Football Confederation (CBF) has announced that it will grant BRL 5 million interest-free loans to each of the 20 clubs in the top division — combining to a total of BRL 100 million.

Second-tier sides, arguably in much more vulnerable positions, will receive BRL 15 million to share among 20 clubs, as an advance of their broadcasting rights payments.

The confederation announced these measures in a statement this morning, with CBF president Rogério Caboclo stressing that 2020’s national football competitions will be completed successfully by the end of the year.

The BRL 115 million will be paid directly from the CBF’s coffers. Despite being a strictly non-profit organization, the governing body of Brazilian football recorded an owner’s equity of BRL 835.9 million at the end of 2019.

• #business
• #crisis
• #football