Atlético Mineiro seeks further funding for Arena MRV work
Bradley Rial | 01 September 2022
Posted in Features | Industry NewsTagged Arena MRV | Atletico Mineiro | Brazil
Campeonato Brasileiro Serie A football club Atlético Mineiro is reportedly seeking R$240m (£40m/€46.4m/$46.1m) from investors in order to complete the construction of its new stadium, Arena MRV.
Brazilian news outlet Ge has reported that the figure will have to be raised by negotiating 'real estate receivables certificates', securities that are backed by the revenue generated by the stadium once it opens.
Ge notes that Atlético received a further R$200m through the sale of such certificates in December 2021. The overall cost of building the stadium is said to have risen from an initial R$410m to R$926m, partly due to price inflation relating to materials, as well as changes to the design of the venue.
The club has reportedly generated R$440m worth of debt to finance the construction of the stadium, and this is expected to be paid off by September 2029. The stadium is due to open in March next year, and investors are set to begin receiving remunerations from October 2023.
Work began on the 46,000-seat Arena MRV in April 2020, with the stadium, which was given the green light in December 2019, located in the northwest region of Belo Horizonte.
In March 2021, Arena MRV agreed a partnership with professional services company Accenture to aid the goal of delivering a stadium that offers the best technological experience in Latin America.
Arena MRV has also appointed LivePark to market the stadium's commercial rights and draw up its events calendar. The stadium will replace the Estádio Independência as Atlético's home ground.
Image: Arena MRV
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https://www.thestadiumbusiness.com/2022/09/01/atletico-mineiro-seeks-further-funding-for-arena-mrv-work/