Iconic stadium that has hosted two World Cup finals being put up for sale due to financial problems

One of football's most famous arenas, the Maracana Stadium, is being put up for sale by the State of Rio de Janeiro.

Brazilian authorities are reported to have included the legendary ground among 62 state-owned assets to be sold in a plan to raise funds.

According to Marca, Rio's state government is attempting to ease a mounting debt to Brazil's central administration worth around £1.7billion, due for repayment in 2026.

The Maracana, which hosted the World Cup finals of 1950 and 2014, is said to cost the state roughly £140,000 per match in maintenance.

Rodrigo Amorim, president of the legislative commission overseeing the proposal, argued that selling the stadium could generate more than £279m for Rio. He stressed that upkeep for the iconic venue, which also houses the Aldeia Maracana complex, had become unsustainable for the state's budget.

The plan to privatise Brazil's most recognisable football ground has reportedly triggered widespread outrage across the country.

Opened in 1950, the stadium once held a record-breaking crowd of nearly 200,000 for Brazil's shock 2-1 defeat to Uruguay in that year's World Cup final, an event immortalised as the 'Maracanazo'.

Flamengo and Fluminense currently share the 78,838-capacity ground for their home matches, making it a vital part of Rio's sporting and cultural identity.

The venue has undergone three major renovations since opening. The first, between 1999 and 2000, converted standing areas into seats, reducing capacity from 173,850 to 103,000.

A second upgrade between 2005 and 2007 lowered capacity further to around 88,000, while a third overhaul ahead of the 2014 World Cup brought it down to its current size.

Beyond football, the Maracana has also staged Olympic ceremonies, concerts and countless cultural events, cementing its place as one of the world's most recognisable landmarks.

According to reports, the move to include the stadium in the state's privatisation bill follows recent amendments to Rio's asset-sale programme.

Of the 48 properties initially earmarked for sale, 16 were removed and 30 added - among them the Maracana complex.

Officials have argued that divesting underused or costly state properties will help raise funds and avoid further financial deterioration.

Amorim observed that the aim was not simply to generate profit but to revitalise idle or loss-making public assets for more productive use.

He added that the full proposal will be submitted for a vote by Rio's Legislative Assembly in the coming weeks.

Public backlash, however, has been fierce, with critics warning that selling off a national symbol risks eroding Brazil's football heritage.

Previous attempts to privatise the Maracana have stirred controversy, including a 2011 plan involving businessman Eike Batista that was later abandoned.