Sociedade Esportiva Palmeiras and Allianz Parque operator Real Arenas have agreed a deal to end a series of disputes between the two parties.
Palmeiras said they both made concessions, as well as commercial and operational adjustments to put an end to disputes in arbitration and judicial forums and to open a path for an even more professional and successful partnership for the benefit of Palmeiras fans.
The balance of the financial agreement totals R$117.1 million ($20.7 million), of which R$50.1 million was paid upfront to the club.
Real Arenas will also transfer arena properties and implement a new North Goal Sector, which will increase the capacity of Allianz Parque by approximately 1,000 seats on match days.
Sociedade Esportiva Palmeiras, commonly known as Palmeiras, is a Brazilian professional football club based in the City of São Paulo, in the district of Perdizes, Brazil.
Palmeiras is one of the most popular clubs in South America, with around 21 million supporters and more than 184,679 affiliated fans. They play in the Campeonato Brasileiro Série A, the top of the Brazilian football league system.
The Allianz Parque Stadium, also known as the Palestra Itália Arena, is a multipurpose stadium in São Paulo, Brazil, which holds shows, concerts, corporate events, and especially football matches of Palmeiras, the site owner. The stadium has a capacity to hold 43,713 spectators.
Under the terms of the agreement, the division of the arena’s seats into sectors was also defined, thus benefiting fans who are members of the Avanti and Passaporte programs and customers of the Centenario Lounge, as well as holders of reserved seats, who will have their rights fully preserved.
All the issues that were discussed in the arbitration sphere were resolved, so that Palmeiras and Real Arenas owner WTorre remain committed to jointly ensuring the excellence of the multipurpose arena that is a reference in Latin America.
Leila Pereira, president of the club said, “This is a special moment for all of us, Palmeiras fans.
“After 10 years of discussions, our management has reached a fair agreement that is beneficial to all and fundamental for the future of this partnership, which has another 20 years ahead. Our commitment is to build an increasingly successful Palmeiras and, to that end, we want to walk side by side with WTorre.”
Sílvia Torre, co-founder and president of the board of WTorre said, “As we complete a decade at Allianz Parque, we could not have a more important achievement than the agreement with Palmeiras.
“The country’s most successful club and the continent’s leading multipurpose arena can, and should, achieve new goals together, in a scenario of harmony and aligned interests. We have a lot of work to do together with Palmeiras over the next two decades of the concession.”
The details of the agreement between Palmeiras and Real Arenas will be presented by the current management to the club’s internal bodies.
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