Atlético will turn to the market to finish the construction of the MRV Arena. Due to inflation, which made the estimated cost of the construction of the future stadium to more than double, the club will need to obtain credit of R$ 240 million to meet the schedule for completion of the works, scheduled for October.
According to journalist Rodrigo Capelo, from Ge.Globo, who had access to documents sent by the club to potential investors, Atlético will capture the value through the negotiation of Certificates of Real Estate Receivables (CRI). It will be the second fundraising event of this nature, since Galo had already raised BRL 200 million last year.
Those who invest in this type of bond receive the return on investment, with interest, over the years. The board expects investors to recoup this investment by 2029.
The reason for the new funding by the club is the high price of the work over the last few years. The club had an initial estimate of a total cost of R$ 410 million for the construction of the stadium. This amount reached R$ 926 million, which is the reason for the need to raise funds.
Investors who accept to trade via CRI will begin to be remunerated as of October next year, and will be made with funds made by Arena MRV itself, which will be inaugurated in March 2023.
In short, if Atlético raises this BRL 240 million, in addition to the BRL 200 million already raised, the operation of the MRV Arena with games, advertising boards, parking lots and events apart from football will serve to pay off the debt with investors. until 2029, which is the expected date for these investors to receive the return from CRI.
In addition to the inflation of construction material, the cost of the work increased due to changes in relation to the initial project. The stadium capacity would be 41 thousand people, however, it will be 46 thousand.
Also, rise in the technology sector. Initially, the club was going to install 100 security cameras, however, that number rose to 300. The internet access points, from 40, jumped to 900.
Another factor increasing the cost of the work is based on adjustments in additional services, such as changes in sewage collection, among other minor emergency interventions.
Despite having sold the remainder of the Diamond Mall for R$340 million, Atlético will not use this money to invest in the completion of the MRV Arena. According to the board, the amount will be exclusively to reduce part of the club’s debt, currently valued at about R$ 1.3 billion.
Atlético has already used the R$ 278 million obtained from the sale of the first half of the Diamond Mall to start work on the future stadium. In addition to this amount, the club also invested BRL 43 million from naming rihts and BRL 169 million from sales of captive seats, as well as BRL 21 million from the stadium land, totaling BRL 511 million for the construction of the stadium. , until here.