The State of Rio de Janeiro has put the iconic Maracana stadium up for sale as part of an urgent effort to raise funds and cut public spending, a move that has prompted anger across the city and raised legal questions about existing long-term concessions.
Lawmakers on the Legislative Assembly’s Constitution and Justice Commission advanced a revised version of a government bill that expanded a list of state assets to be sold. The commission removed 16 properties from an initial list of 48 and added 30 others, including the storied soccer venue, which the state says could fetch about US$373.13 million if sold.
Rodrigo Amorim, president of the commission, defended the plan by pointing to the high cost of maintaining the stadium. “The government invests a fortune in the maintenance of Maracana, about US$186,578 per match,” Amorim said, according to a statement from the assembly. He framed the initiative as a way to avoid abandonment of state properties and to reactivate sites “with more productive uses.”
The state of Rio de Janeiro has put up the Maracana for sale, as it has a US$2.2 billion debt
The sale proposal comes as the state wrestles with a roughly US$2.2 billion debt to Brazil’s federal government that must be addressed under a national restructuring program by 2026. Officials said the broader divestment plan would include 30 properties intended to reduce costs and generate revenue.
The legality of selling Maracana is uncertain. The stadium is subject to a concession agreement with a Fla-Flu consortium, representing Flamengo and Fluminense, that runs through 2044. Club officials have said the contract will be honored. The state’s proposed complementary law, Project of Law 40/2025, would allow the government to sell public properties, even those currently under private concession, through a bidding process.
Still, the announcement stirred public outcry in Rio de Janeiro, where Maracana is entwined with national memory and soccer lore. The stadium — opened June 16, 1950 — is best known for the “Maracanazo,” Uruguay’s upset win over Brazil in the 1950 World Cup final, an event that drew an official attendance reported at more than 173,000. Today, the venue holds about 78,838 spectators after successive renovations.
The sale may face significant challenges beyond the Fla-Flu concession
Observers note practical hurdles to any sale. Beyond the Fla-Flu concession, Flamengo has unveiled plans in recent months to build a new stadium on land it purchased at the Gasolog site, a project that could alter the market for the historic venue.
Attempts to privatize or transfer management of Maracana are not new. In 2011, Brazilian businessman Eike Batista expressed interest in purchasing the stadium ahead of major international events, but no sale materialized. The current proposal, launched by Gov. Claudio Castro’s administration, accelerates those debates amid mounting fiscal pressure.
If a museum or private buyer did not acquire the site, state officials said the legislature would determine the next steps after hearings and a vote. The commission is expected to bring the revised bill before the full legislative body in the coming weeks.
The Maracana’s potential sale underscores the financial strains facing Brazil’s subnational governments and spotlights tensions between efforts to balance budgets and preserve cultural landmarks that carry deep public meaning.