Majestic ‘Sportainment’ plans for Brazil venue

Article posted by Coliseum, August 25^th, 2023

Image: Estádio Fonte Luminosa, Marcos Digital, CC BY-SA 3.0

Capital injections of R$ 20 million will be infused into the Fonte Luminosa Stadium in Araraquara, Brazil, to transform it into a multiuse arena.

‘ARARAQUARA agora’ stated that a decision on the above was taken recently. It is expected to become the biggest sports center in Araraquara in São Paulo (Brazil) with games, concerts and several other events to be held in the facility.

The Estádio Dr. Adhemar de Barros, usually known as Estádio Fonte Luminosa, or just Fonte Luminosa, is a football stadium in Araraquara, Brazil. The stadium has a maximum capacity of 25,000. It was inaugurated in the year 1951.

‘ARARAQUARA agora’ further stated that two companies – REAG and Integritate – will infuse capital into the project to bring about a 360 degree change to the above venue.

REAG and Integritate also injected capital in the remodeling exercise of the 43,713-capacity Allianz Parque Stadium in São Paulo, Brazil.

Cleveland (US)-based REAG is a lower-middle market investment banking firm specializing in mergers and acquisitions (M&A), business valuations, strategic ownership planning, and private capital markets advisory.

Both the above companies will work in tandem with the winner of the bidding contract, REVEE, which will have the rights to use the space for the next 35 years.

The redevelopment work is expected to start in September with R$ 20 million to be invested in the next five years. In total, just over R$ 10 million have been paid in grants and just over R$ 50,000 will be paid monthly as a variable grant.

Shared the Mayor of Araraquara Edinho Silva, “We always had this vision of converting the Luminosa Stadium into a huge events center which would help boost business tourism. We are on the way to realizing this dream. Major acts can be held in the venue once transformed which sits in the interior part of the City of São Paulo. Once the venue reconfiguration work starts it will translate into jobs for the local populace.”

The Fonte Luminosa Arena project is part of a concept called ‘Sportainment’ which means blending sports with entertainment in a futuristic manner.

Informed Luís Davantel, an Executive at Integritate, “The grand scheme of things is to develop the whole area into an entertainment district of which the stadium will be a significant piece.”

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