Club Necaxa is set to receive over $2.5m from Banfield for the transfer of Milton Giménez. The ruling by the Court of Arbitration for Sport (CAS) confirms the FIFA sanction against Banfield for non-compliance with the agreement.
What happened with Milton Giménez's transfer?
The forward Milton Giménez was transferred from Necaxa to Banfield in February 2023, with a fee of $100,000 and an option to buy 80% of his economic rights for $2m. Banfield exercised the option, but subsequently failed to make the agreed payments.
Why must Banfield pay Necaxa?
The debt includes $2,275,000 in capital, plus a penalty of $227,500 and $4,084.38 in interest. This amount is subject to an annual interest rate of 18% on the capital from May 20, 2025, until the total payment is made. With Necaxa currently 12th in Liga MX, with 6 points and 2 wins from 4 games, the CAS ruling is a blow to Banfield's finances.
What is the impact for Club Necaxa?
The CAS considered the argument that the non-payment of one of the installments triggered the acceleration clause, making the outstanding balance immediately payable. Necaxa had filed a complaint with FIFA over Banfield's non-compliance with the agreed payments. The CAS ruling is a success for Necaxa, which had been fighting to receive the payment owed for Milton Giménez's transfer. With this ruling, Necaxa will be able to receive the payment it is due and move forward with its plans for the season.
