INTUSK MAGAZINE

The latest in a string of recent investments in Brazil's most popular sport, Brazilian private equity firm Treecorp Partners on Tuesday agreed to buy soccer club Coritiba in a deal valued at about 1.3 billion reais ($260 million).

In accordance with the agreement, Treecorp will hold a 90% stake in the 113-year-old club that is based in Curitiba, Parana, a state in southern Brazil.

270 million reais of the 1.32 billion reais enterprise value will be used to settle the club's debts, with 100 million reais going towards remodelling its training facility and 450 million reais set aside for ongoing operations.

A modernization of its stadium, known as Couto Pereira, will cost 500 million reais, according to Coritiba, which was promoted to the top division of the national league in 2021.

A deal worth 1 billion reals was finalized last week by City Football Group (CFG), the company that owns Manchester City, to buy 90% of Salvador-based Esporte Clube Bahia.