The Pernambuco state government will pay Brazilian construction company Odebrecht an additional R$1.76B ($545M) for the construction and operation of the Arena Pernambuco for a 30-year period, according to Vinícius Segalla of UOL. The figure reflects the Arena Pernambuco's poor fiscal performance and is "a guarantee that [Odebrecht] will receive its revenue as promised by the original contract," values that have not been reached through games held at the stadium. Odebrecht has a 30-year contract with the Pernambuco state government for the arena, estimated at R$532M ($165M), but construction costs "suffered" serious increases, which totaled R$1.76B. In a contract established between both parties in '10, Pernambuco's state government "promised to make clubs play at the arena during the next 30 years, or else it would deal with the [financial] losses." However, the stadium, which opened in Dec. '13, was only able to sign on one of "three clubs that should have played their main matches there over the next 30 years." In Pernambuco's first operating year, it "did not reach the revenue promised by the state government," costing a total of a R$58.7M ($18.2M) per year in government compensation for 30 years (UOL, 3/21).
