How Flamengo and Fluminense structured the Maracanã concession

The joint company runs a two-venue complex

Flamengo’s financial statements say the clubs formed Fla-Flu Serviços on 30 August 2024, with Flamengo holding 65% and Fluminense 35%. It signed the concession on 27 September according to those accounts. The covered assets include both the Mário Filho stadium and the Gilberto Cardoso arena, better known as Maracanã and Maracanãzinho. Source 1

Bid scoring combined technique and price

The state’s gazette awarded the Fla-Flu consortium 117 technical points and 125 financial points. With weights of 60% and 40%, it obtained 120.2 points overall. The R$20,060,874.12 financial proposal appears in the scoring document and should be read within that tender calculation. Source 2

The long payment schedule is discounted in the accounts

Flamengo’s accounts list R$401.218 million in payments assumed to obtain the concession and R$178.084 million recognised as the initial liability after discounting. The lower figure reflects the present value of amounts paid over time under the accounting assumptions. It describes the initial liability, with the actual instalment schedule governed by the contract. Source 1

Most of the year-end liability sat beyond the current period

At the end of 2025 the current portion was R$8.480 million and the non-current portion R$171.058 million. The accounts describe equal quarterly instalments through November 2044, adjusted for IPCA inflation. The two year-end balances measure the accounting split by timing. They leave actual future cash payments dependent on the contractual adjustment. Source 1

Sources

• Flamengo 2025 financial statements, notes 5.5 and 7.1
• Rio de Janeiro official gazette bid scoring record