AEG Part Of Group Operating Rio de Janeiro's Maracana Stadium
AEG is teaming up with Brazilian billionaire Eike Batista and the country's "largest construction company to operate Rio de Janeiro's Maracana Stadium for 35 years," according to Panja & Spinetto of BLOOMBERG NEWS. The stadium will host "next year's soccer World Cup final and the opening and closing ceremonies of the 2016 Summer Olympics." It held its first test event last month "after being shuttered" for a three-year, US$500M renovation. The group is known as Consorcio Maracana SA and is led by Odebrecht SA, Brazil's "biggest construction firm." It also includes IMX, Batista's "sports and entertainment vehicle." The agreement "needs to be ratified by Rio's state goverment." A Brazilian newspaper stated that the group is paying US$2.7M annually "for the concession." The paper also stated Odebrecht "holds a 90 percent stake in the venture, with IMX and AEG controlling 5 percent each" (BLOOMBERG NEWS, 5/9).