Brazil World Cup Stadium in dire need of funds

Sao Paulo: The Government of Brazil is scheduled to hold an emergency meeting in the next few days to find a solution for the funding of a soccer stadium that is to host the opening match of the soccer World Cup 2014.

Describing the situation as delicate, Brazil`s Deputy Sports Minister Luiz Fernandes said every possible effort would be made to arrive at an agreeable solution to the issue.

The funding related crisis has cropped up after the Corinthians soccer team in São Paulo threatened to suspend construction of the stadium, which will also be its new home, unless the government-run National Bank for Economic and Social Development (BNDES), pays off 202 million dollars in loans that have already been approved but not yet disbursed. The total cost of the stadium is estimated at 412 million dollars.

According to Fernandes, another point of concern is the ‘Verdão’ stadium that`s being built in Cuiabá, in the center-west of the country, where the main construction company, Santa Bárbara Engenharia, quit as a result of financial problems.

Fernandes said another construction company, Mendes Júnior, took over earlier this month and "we are confident that it will be concluded in time."

Of the 12 stadiums to be used for the World Cup, just three are ready, in the cities of Fortaleza, Belo Horizonte and Salvador. Another three—in Rio de Janeiro, Recife and Brasília—are expected to be ready by the Confederations Cup, a warm-up for the World Cup to be held in Brazil between June 15 and June 30 this year.

All six stadiums should have been ready by December 2012.