The mayor of Rio de Janeiro, Eduardo Paes, and the president of the Clube de Regatas do Flamengo, Rodolfo Landim, signed this Monday (25), at the headquarters of Gávea, in the south zone, the term of commitment to make the construction viable of the red-black stadium in the Porto Maravilha area. According to the document, two bills will be sent to the City Council, which will represent the fulfillment of another stage towards the viability of sports equipment.
Studies by Rio de Janeiro City Hall, through the Municipal Secretariat of Urban and Economic Development, showed that the new stadium could generate R$5.3 billion in Rio’s economy in 10 years. This calculation includes spending by fans on games at home and away, of R$833 million, on ticket purchases, transportation expenses, and expenses in bars and restaurants.
“It is an important achievement for the city. Everything we did respected the law, the expropriation process, the auction. Everything was very open and done within the rules. What we are doing today is committing to allowing Flamengo to make use of something that already belongs to them. Flamengo did not win the land from the city hall, it bought it by paying the appropriate amount. We created the conditions so that Flamengo has full capacity to exercise a right it already has. Since the public authorities do not allow the club to build in the area it belongs to, we are allowing it to do so in another area”, explained the mayor of Rio.
The first bill to be sent to the City Council aims to transfer the constructive potential that Flamengo has at its headquarters in Gávea to other locations in the city. With this operation, the club will be able to negotiate this construction right in other areas of the municipality and the forecast is that it will raise around R$500 million. These resources can only be used to build the stadium.
The second bill will exempt Flamengo from paying the grant of additional urban planning rights (Cepacs) to Caixa Econômica Federal, from whom it acquired the land for the construction of the stadium. To avoid losses to the financial institution, compensatory measures within the Porto Maravilha Consortium Operation will be offered by the municipality to the bank. This second bill will cause the red-black club to stop paying another R$500 million for the property to Caixa.
“The event served as an accounting for the city hall on the evolution of the project and everything that was charged to us by the municipality in terms of adapting to urban requirements. And we signed the document that gives us the constructive potential of Gávea to build in another location. A value of around R$500 million, something very important to help with the construction of the stadium”, said Rodolfo Landim, adding that the stadium’s inauguration is scheduled for November 15, 2029.
In 2023, the club attracted 1.8 million fans, in 33 games. Flamengo’s revenue from the new stadium should be 10% higher than that recorded in 2023 of R$1.374 billion. The total economic movement should be R$2.3 billion, that is, R$329.1 million more than last year.
