April 16 – In a bid to advance its stadium plans, Brazilian club Flamengo has proposed to use the sale of its site in Gavea as security to raise more than $100 million.
Brazilian news outlet UOL reports that the club’s president Rodolfo Landim has approached the mayor of Rio de Janeiro with the proposal as the club estimates that the site at Gavea, which is of significant historical importance to Flamengo, will generate between 440 and 510 million reais ($83-97 million).
The club has been contemplating the construction of its own stadium with a potential capacity of 100,000 for some time in a bid to manage match days better and generate increased revenue.
It would mean a move away from the Maracana stadium which Flamengo shares with crosstown rivals Fluminense.
Flamengo has its eyes on the ‘Gasometro’, a 116 square metres plot of land of in downtown Rio that was acquired by the City of Rio de Janeiro in 2012 for 220 million reais ($42 million).
It was then sold to the Porto Maravilha Real Estate Investment Fund, which is managed by the bank Caixa Econômica Federal. The bank wants between 200 and 500 million reias ($38-95 million) for the Gasometro, but negotiations have reportedly between difficult the two parties.
The proposal for Flamengo to build their own stadium has the support of mayor Eduardo Paes but Flamengo will now have to submit a formal proposal if it wants to proceed.
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