Fictor owes R$2.6 million to the club, as declared to the Court in its request for judicial recovery
One of the many creditors of the Fictor Group, which has R$4.2 billion in debt, Palmeiras decided this Monday to terminate the sponsorship contract it had with the company after the group requested judicial recovery at the São Paulo Court of Justice (TJ-SP).
The sponsorship agreement provided for Fictor to pay R$25 million annually to Palmeiras to display its brand on the backs of the main team (men and women) and on the main property and back of the youth teams’ uniforms. The value could reach R$30 million, depending on bonuses for goals achieved
The three-year contract also involved the naming rights for an under-17 tournament organized by the São Paulo club, which was renamed Copa Fictor and was won by Palmeiras last Thursday.
Fictor, however, owes R$2.6 million to Palmeiras, as declared to the Court in its request for judicial recovery. This value refers to the payment of the most recent sponsorship installment and bonuses for sporting results. Payments should have been made in January.
Palmeiras then decided to break the agreement “due to contractual breach and the request for judicial recovery made by the group”. The club relied on what was stipulated in the contract to terminate the agreement and informed that it “is studying the appropriate legal measures to receive the amounts owed by Fictor”.
The Fictor Group, which gained the spotlight in November last year when it appeared in a purchase operation for Banco Master the day before the bank was liquidated, also owes a debt to the Brazilian Athletics Confederation (CBAt), another sports entity that the company sponsors, with planned investments of R$21 million by March 2029. The debt is R$500,000.
Fictor Holding and Fictor Invest filed for protection against creditors. Last week, judge Maria Lúcia Pizzotti, from the São Paulo Court of Justice (TJ-SP), had ordered the precautionary blockade of R$ 150 million from Fictor.
According to a statement from Fictor, the group intends to pay off all debts without discount. This means that the company does not plan to negotiate a discount on the amounts, but only the deadline for receipt. “The measure seeks to create a structured negotiation environment with equal treatment, which can guarantee the continuity of activities in a sustainable manner”, writes the company.
The group sought, in the request, the suspension and blocking of debts for a period of 180 days for the holding company and Fictor Invest. The other subsidiaries did not enter into the order and must continue operating normally.
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