RIO DE JANEIRO Maracanã, one of the most iconic venues in the world, could be sold to private investors.

The government of Rio de Janeiro has announced its intention to sell the vast bowl, built in 1950 for that year’s World Cup, to pay off vast debts due to the state and to reduce the ongoing deficit.

Rodrigo Amorim, president of the Constitution and Justice Commission of the Legislative Assembly of Rio de Janeiro, explained that “the Government invests a fortune in maintaining the Maracanã, about 160,000 euro per match.”

The state of Rio de Janeiro undertook its original construction plus ongoing maintenance and redevelopment, particularly head of the 2014 World Cup finals.

It is estimated that a sale could raise 320 million euros, which would offset part of the 1.89 billion euros that Rio owes the federal government and that must be settled before 2026 as part of the national restructuring program.

Any sale would be complicated because the stadium is part of a concession in effect until 2044, held by Flamengo and Fluminense, whose leaders have already stated that the contract will be honored – even though Flamengo have announced an intention to build their own 80,000-seat stadium.

In 2011, Eike Batista, a billionaire in the energy and mining sector, expressed an intention to acquire the venue but failed to agree terms.

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