NOTICE TO THE MARKET
By Flamengo Regatta Club and EY - inClube de Regatas do Flamengo and EY announce that they have reached an agreement to audit the financial statements for the 2019 fiscal year. This agreement represents an unprecedented agreement in the recent history of Brazilian football, with one of the so-called Big-4 companies (a term that refers to the four major global auditing firms) accepting the audit of a national association football club.
This process was possible as a result of years of hard work related to the financial recovery and professionalization of the accounting, management and financial processes of Clube de Regatas do Flamengo, with the engagement of several associates, executives, professionals, specialized management companies, processes, “compliance and confidentiality"and adjustments to processes, rules, and bylaws that allowed the club to reach a level suitable for this next step. The quality work performed by the previous auditors, Mazars, was also important in this journey.
"Being audited by one of the largest auditing firms in the world represents a seal of quality and recognition of the seriousness and professionalism of Flamengo's management," emphasizes Wallim Vasconcellos, Flamengo's Vice President of Finance.
"We are very pleased to be able to help Flamengo become increasingly recognized globally as a Brazilian football club that fully adheres to the transparency and quality aspects of its financial statements," reinforces Mauro Moreira, partner at EY.
About EY
EY is one of the four largest global audit and consulting firms and a world leader in the sports sector. It has 270 employees across 150 countries, providing audit, management consulting, tax planning, and corporate transaction services. In the sports sector, EY currently audits major global soccer clubs, leagues, and sports companies, such as Real Madrid, Barcelona, Liverpool, Porto, the New England Patriots, the Boston Red Sox, the Cleveland Cavaliers, the NBA, MLB, NHL, and Red Bull, among others. EY welcomes Clube de Regatas do Flamengo as part of this select group of audit clients.
About Flamengo
Flamengo is Brazil's largest association football club, with 42 million fans across Brazil and the world. It has sports operations in men's and women's professional football, youth football, rowing, basketball, and other Olympic land and water sports, as well as a social club. Operating as the concessionaire of the iconic Maracanã stadium and repeatedly awarded as one of the Brazilian clubs with the best corporate and financial management, Flamengo welcomes EY as its new external audit firm.