The Latin American e-commerce giant MercadoLibre recently reached a deal to purchase the naming rights of São Paulo’s (Brazil) picturesque Pacaembu Stadium for 30 years following a major renovation of the site.
‘yahoo!finance’ stated that MercadoLibre said it was investing more than 1 billion reais ($202.18 million) in the deal, after which the soccer stadium will be named the ‘Mercado Livre Arena Pacaembu’.
Buenos Aires (Argentina)-based MercadoLibre, Inc. is an Argentine company that operates online marketplaces for e-commerce and online auctions. It is Latin America’s leading online marketplace.
The 40,199-capacity Estádio Municipal Paulo Machado de Carvalho, also known as the Pacaembu Stadium, is a soccer stadium and performance venue in São Paulo, Brazil.
‘yahoo!finance’ further stated that the Pacaembu Stadium, which hosted six matches of the 1950 World Cup, was inaugurated in the early 1940s and has its Art Deco façade listed as a São Paulo heritage for preservation.
It was managed by the City of São 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.
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