E-Commerce Firm Ready To Pay A Whooping $202m For Stadium

An e-commerce firm has indicated interest in paying a whopping 1 billion reais or $202.18 million for the purchase of the naming rights of a stadium.

The e-commerce firm, MercadoLibre, Inc. is an Argentine company which though was incorporated in the United States of America has its headquarters in Montevideo, Uruguay.

Specialists in e-commerce and online auctions, has reached a deal to purchase the naming rights of Sao Paulo’s Pacaembu stadium for 30 years.

It announced this development Wednesday, following a major renovation of the site.

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Located in Pacaembu, a neighborhood of Sao Paulo, Brazil, the stadium was established in 1940 only to host, ten years later, some matches of the legendary 1950 World Cup, where in the final, Uruguay broke a lot of Brazilian hearts by lifting the cup 2:1

It was an attraction for both Brazilian national team and a number of clusbsides including the Corinthians, Palmeiras, São Paulo and Santos, but overtime, its influence began to wane.

MercadoLibre has said it was investing more than 1 billion reais ($202.18 million) in the purchase of the naming rights of the stadium, and thereafter, it would name it “Mercado Livre Arena Pacaembu.”

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Pacaembu, was managed by the city of Sao Paulo until 2019 when the local town hall signed off on a concession for a private sector company to renovate it and operate the stadium for 35 years, reports Yahoo.

Now that the e-commerce giant has stepped into the fray, better fortunes obviously lie ahead for all parties.