Odebrecht, Brazil’s biggest construction company, has teamed up with Anschutz Entertainment Group and billionaire Eike Batista’s sports and entertainment vehicle IMX to agree a deal to operate Rio de Janeiro’s famous Maracana stadium, which will host the 2014 FIFA World Cup final.
The consortium, known as the Consorcio Maracana, has agreed a 35-year contract to operate the stadium, which will also host the opening and closing ceremonies of the 2016 Rio de Janeiro Olympic Games. The agreement still has to be ratified by Rio’s state government. Last month the 78,000-seat venue held its first test event following a US$500 million renovation.
“The consortium is committed to promoting an international management and ensure the modernisation of the complex to consolidate it as the entertainment hub of Rio de Janeiro and Brazil,” Consorcio Maracana told Bloomberg. The consortium will pay $2.7 million per year for the stadium’s operational rights, according to the Valor Economico newspaper.
Odebrecht is the majority shareholder in the venture with a 90% stake, while IMX and AEG hold five per cent each. AEG already manages three other sports venues in Brazil – the Arena da Baixada in Curitiba, Arena Pernambuco in Recife, and Sao Paulo’s Nova Arena, which is due to open in November.