"Time Mania" is the new Brazilian lottery being created in order to save Brazilian clubs from their huge debts.
How do you play?
1) All you have to do is to select 6 out of a total of 60 clubs (from 1st, 2nd and some from 3rd division) instead of choosing 6 out of 60 numbers as per the other Brazilian lottery
2) This will be available in multiple selling points all over Brazil
3) The revenue sourced from the lottery will be used primarily to cover the huge tax bills owed by the clubs to the Inland Revenue. Once the tax debt is paid in full, clubs will then benefit from the lottery as another source of revenue. 22% of the total amount raised by each ticket will go towards the clubs' debts.
However, this may take longer for certain clubs more than others - for example, Flamengo owes R$100 million/ £24million so it may take a while....
4) The government was attempting to force clubs to become fully listed companies before sanctioning the law to create Time Mania, however they have now backed down after strong lobbying by the clubs.
Latest on the creation of Time Mania:
* it is unlikely that the new lottery will be approved and ready to be sold to customers in time for the start of the 2007 Brazilian National League on 12th May;
* According to the Sports Minister, Orlando Silva Júnior, there are still some changes being discussed to the original document proposed - which indicate delays....
* Not to mention that Carnival is currently on in Brazil.....so watch this space.....
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