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</A>President Luiz Inácio Lula da Silva has signed a document that will bring to life a project called ‘Timemania’ (Team Mania). Said document is in fact Law number 5.524/06 and has launched a nationwide lottery that aims at reducing club debts with the Brazilian state of close to half a billion dollars ($500,000,000)
The idea is to give the debtor clubs – basically every large football club in Brazil – the chance to pay off the spiralling debts that have grown after incompetent administration after incompetent administration has delayed paying their tax and social security bills. How? Easy; they just scream that they’ll declare bankruptcy and that would spell death to any Brazilian government.
“Our clubs are a natural resource and the management of each and every club needs to be encouraged to treat this wealth responsibly and with due respect to the State that provides the conditions for the clubs to operate in", explained Lula during the ceremony. Clubs will be given up to 60 months (i.e. five years) to pay off their outstanding debts in instalments.
‘Timemania’ will be composed of a lottery based on club emblems rather than the traditional number system; a scheme familiar to Brazilians via the ‘jogo do bicho’(Animal Game) played illegally at most corner bars that runs a pool based on pictures of various animals. Instead of animals, 80 badges of teams across the country will be used.
The better simply goes to the nearest government-run betting house and buys a slip for around R$1 (50 US Cents); chooses any ten emblems and then hands it back in. Prizes start for those who have successfully chosen seven of the badges. Initial predictions talk of an income of R$500,000,000 ($250,000,000) per year; most destined towards social security.
Clubs that want to participate have to undertake a legal understanding that obliges them to pay off their existing debts in agreed instalments. In return they’ll get a slice of the financial pie to use to pay the debts and improve their facilities. All in all 25% of the income will go to the participating club; the first division teams getting two-thirds of that figure.
The only problem is if they’ll adhere to the promise or just take the money and run. Brazilian businessmen aren’t exactly world-famous for their truthfulness when it comes to the prospect of lining their pockets – as the average man on the street in Brazil knows only too well. Hopefully ‘Timemania’ won’t lead to another outbreak of ‘Me-getting-even-richer-mania’ amongst the managers and owners. It'll be a lottery in more than one sense.
Aaron Marcus
</A>President Luiz Inácio Lula da Silva has signed a document that will bring to life a project called ‘Timemania’ (Team Mania). Said document is in fact Law number 5.524/06 and has launched a nationwide lottery that aims at reducing club debts with the Brazilian state of close to half a billion dollars ($500,000,000) The idea is to give the debtor clubs – basically every large football club in Brazil – the chance to pay off the spiralling debts that have grown after incompetent administration after incompetent administration has delayed paying their tax and social security bills. How? Easy; they just scream that they’ll declare bankruptcy and that would spell death to any Brazilian government.
“Our clubs are a natural resource and the management of each and every club needs to be encouraged to treat this wealth responsibly and with due respect to the State that provides the conditions for the clubs to operate in", explained Lula during the ceremony. Clubs will be given up to 60 months (i.e. five years) to pay off their outstanding debts in instalments.
‘Timemania’ will be composed of a lottery based on club emblems rather than the traditional number system; a scheme familiar to Brazilians via the ‘jogo do bicho’(Animal Game) played illegally at most corner bars that runs a pool based on pictures of various animals. Instead of animals, 80 badges of teams across the country will be used.
The better simply goes to the nearest government-run betting house and buys a slip for around R$1 (50 US Cents); chooses any ten emblems and then hands it back in. Prizes start for those who have successfully chosen seven of the badges. Initial predictions talk of an income of R$500,000,000 ($250,000,000) per year; most destined towards social security.
Clubs that want to participate have to undertake a legal understanding that obliges them to pay off their existing debts in agreed instalments. In return they’ll get a slice of the financial pie to use to pay the debts and improve their facilities. All in all 25% of the income will go to the participating club; the first division teams getting two-thirds of that figure.
The only problem is if they’ll adhere to the promise or just take the money and run. Brazilian businessmen aren’t exactly world-famous for their truthfulness when it comes to the prospect of lining their pockets – as the average man on the street in Brazil knows only too well. Hopefully ‘Timemania’ won’t lead to another outbreak of ‘Me-getting-even-richer-mania’ amongst the managers and owners. It'll be a lottery in more than one sense.
Aaron Marcus