SAO PAULO: Brazil’s World Cup stadium in Natal is up for sale as the company that owns it is suffering from cash flow problems following a corruption scandal.

Natal’s Dunas arena is being sold by owner Grupo OAS, with the company also trying to sell the 50 percent share it owns of the Fonte Nova arena in Salvador.

The company has struggled for months with the impact of a corruption investigation at state-controlled oil company Petrobras, which undercut the builder’s access to financing.

An economic downturn, government austerity and a slumping currency has also taken its toll, leading to Grupo OAS to announce it is selling its stakes in the stadiums and other businesses to focus on the core construction business. OAS spent 591 million reais (around $187 million) on completely rebuilding the old Fonte Nova arena in Salvador and 423 million reais ($134 million) on the new Dunas area. The Fonte Nova hosted six games in the 2014 tournament and the Dunas arena four.

The announcement was the latest in a string of bad news for Brazilian football post-World Cup. Earlier this week Esporte Club Bahia, one of the biggest clubs in Salvador, said they were abandoning plans to use the Fonte Nova because they felt the owners did not respect their fans.

Several other stadiums have seen bigger crowds for concerts and religious events than for football and the ground in Cuiaba was closed because of structural problems.

Published in Dawn, April 2nd, 2015

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