Tim Payne, losses for CONMEBOL and the national team on edge: how the crisis in Paraguay is hitting South American football

The financial and political crisis gripping Paraguay has reached football. The intervention of Ueno Bank by the Central Bank has left clubs and footballers exposed to the consequences of a situation affecting millions of people. Among those involved are also Conmebol and the Paraguayan Football Association (APF). Among the players, one of the most talked-about cases is that of New Zealander Tim Payne. The financial institution had approximately 2.9 million clients and maintained commercial ties with various institutions. President Santiago Peña submitted his resignation, which was not accepted by the Senate, while moves advanced to launch an impeachment process against him. He was ultimately removed from office. Payne, who joined Olimpia last July after playing in the World Cup with New Zealand, became indirectly linked to the crisis through the bank's commercial relationship with the club. His wife, Michelle Peters, spoke about the consequences on her social media. "As a foreigner who has been in Paraguay for a relatively short time, there are many things I don't know and I prefer to be careful when giving my opinion. But I saw a video of a man crying outside the bank and my heart broke. It is very distressing to think of so many people living through this uncertainty with money that was so hard for them to earn. No one should have to worry about how to access what is theirs. Stay strong, Paraguay," she wrote in an Instagram story. The photographer also warned about the circulation of false information. "Beware of fake news — with everything that is happening, too many rumors about banks and messages that generate panic are circulating. It is important to understand that withdrawing money en masse out of fear can end up affecting even banks that are operating normally," she added. Payne arrived in Paraguayan football after gaining notoriety during the World Cup. More than for his participation with New Zealand, it was for the growth of his popularity on social media. The defender went from having 4,715 Instagram followers before the tournament to surpassing five million. Since joining Olimpia, he has made eight appearances under coach Pablo Sánchez. Tim Payne at Olimpia. Photo: @elclubolimpia Conmebol's millions The impact of the crisis is not limited to Paraguayan football. Conmebol, whose headquarters are located in Luque, near Asunción, also held investments in Ueno Bank. The organization led by Alejandro Domínguez had 85,470 million guaraníes deposited — equivalent to approximately US$14.3 million — in fixed-term savings certificates. The figure places the Confederation among the financial institution's main depositors. However, the organization ruled out that the situation could compromise its ability to meet its obligations to the clubs participating in its competitions. The AFP news agency explained that the funds represent approximately 2.3% of the institution's income and that the situation "does not affect Conmebol's operations at all." Of course, concern also extends to the commercial relationship between the two entities. Ueno Bank joined the list of sponsors of the Copa Sudamericana in July 2024. The contract expires in December. The league is hit Ueno Bank had become one of the main sponsors of the local championship and maintained commercial agreements with some of the most important First Division clubs: Olimpia, Cerro Porteño, Guaraní, Sportivo Luqueño and Rubio Ñu. The financial institution's presence also reached the stadiums. Its brand was incorporated into the names of the Defensores del Chaco, owned by the APF, and La Nueva Olla, Cerro Porteño's ground. The financial mess generated uncertainty among players who had their savings in the institution and among those who received their wages through it. The president of the Paraguayan Footballers' Union, Rogelio Delgado, confirmed that the union is conducting a survey to determine how many footballers have accounts at Ueno Bank. "Many players are affected," he said. The economic damage affecting the group of athletes is estimated at around US$10 million. The national team also raises its voice The crisis reached the Paraguayan national team. The players of the national squad published a joint statement acknowledging that members of the squad also suffered the consequences of the situation. "It hurts us to see thousands of families going through anguish. Behind every number there are people, there are families, there are dreams and there is a lifetime of effort that deserves respect," they stated. "Our absolute priority must be working people. Those who had their life savings invested there. They are the ones who need the most support," they added. Furthermore, they announced that each member of the squad will individually evaluate whatever legal actions they consider necessary to protect their interests and assets. Meanwhile, in Paraguay information emerged claiming that Gustavo Alfaro, the coach of the national team, had between US$7 million and US$10 million deposited in Ueno Bank; however, the claim was denied by his entourage. NEWSLETTER El Deportivo Mondays, 8:45 AM A special selection with coverage and analysis of the most important sporting events of the weekend, by the La Tercera Sports team. By signing up you accept the Terms and Conditions and Privacy Policies of La Tercera.