The WRC round in Paraguay has been plunged into severe uncertainty following the sudden collapse of its main sponsor, Ueno Bank, due to mounting financial difficulties. This banking disaster immediately triggered a major political crisis within the country, with President Santiago Pena announcing his intention to step down from office amid intense public pressure.
The turmoil intensified after Paraguay's central bank initiated resolution proceedings against Ueno Bank and suspended all of its operations this week. Reports indicate that Pena faced relentless scrutiny following the financial institution's collapse, drawing heavy accusations regarding alleged conflicts of interest linked to the broader banking sector.
Although Pena had previously divested his stake in the corporate group controlling the bank last year, public backlash remained overwhelming. His resignation, however, has not yet officially taken effect because the country's Congress has thus far withheld its formal approval for his departure from office.
Beyond the political fallout, the bank's sudden failure delivers a crushing financial blow to the motorsport event, which relied heavily on Ueno as its primary financial backer. Organisers now face a monumental challenge in securing alternative commercial partners to maintain the operational standards required for the international championship round.
Organising committee member Camilo Perez addressed the delicate situation candidly during an interview with local radio station ABC Cardinal. "I will be honest, I am worried about the rally. Ueno has been the rally's main sponsor every year, and we will have to look for a new sponsor for next year. We are also still under contract," Perez stated, highlighting the complex contractual and financial hurdles ahead.
Despite the immense pressure, Perez remains confident that the organising team will successfully navigate the crisis and secure a viable replacement sponsor before the next scheduled running. With strong foundational ties to the promoter established during the initial rollout of the South American event, stakeholders remain hopeful for a stable resolution.
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The future of Rally Paraguay in the WRC is uncertain following the collapse of its main sponsor, Ueno Bank, and the resignation of President Santiago Peña.
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