Newsletter
Weather
Community
English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
China
World
Opinion
Business
Sci-Edu
Culture/Life
Sports
Photos
 Services
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 Search
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Sports
UPDATED: 11:18, September 15, 2006
Brazil president sanctions lottery to save football teams
font size    

In a ceremony at the presidential palace with top executives of Brazil football sector, president Luiz Inacio Lula da Silva signed on Thursday the bill that creates Timemania (Teammania), a lottery game that will use 80 Brazilian football teams logos instead of numbers.

Teammania aims at equilibrating the finances of local football clubs, which are on the verge of bankruptcy, especially due to debts with the government, estimated to total 900 million reais (417 million U.S. dollars).

Government bank Caixa Economica Federal (CEF) will be responsible for operating the game, which is expected to generate up to 500 million reais (231.5 million U.S. dollars) per year.

At first, 22 percent of Teammanias revenues will be used to pay the teams debts with the public health care system and pension agencies; after that, the clubs will start to pocket the lottery money. Each team will have a separate account with the government/CEF.

Brazil sports minister Orlando Silva said in the ceremony that Brazilian teams will make use of Teammanias revenues to keep and qualify their players, instead of selling their rights out to foreign teams.

Rio de Janeiros Fluminense football club president Roberto Horcades welcomed the creation of the lotto game.

"Firstly, Teammania is an intelligent way to pay an unaffordable debt. Secondly, it is the effective recovery of football. And thirdly, a future planning for us to reinvest in the junior football divisions," said Horcades.

During the ceremony to sign the bill, president Lula also supported Brazil's bid to host the 2014 FIFA World Cup, but admitted that the country would still need to build 12 new stadiums so as to fulfill FIFA's standard demands.

Source: Xinhua


Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this


   Recommendation
- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
- Brazil's House of Reps approves of lottery to save football teams' finances

Dic

Manufacturers, Exporters, Wholesalers - Global trade starts here.
Copyright by People's Daily Online, all rights reserved