Sao Paulo has finally resolved its stadium situation for the 2014 World Cup with the Itaqueirão project formally approved as the city´s selection. The decision follows Sao Paulo´s mayor Gilberto Kassab approving a law affording fiscal incentives to the stadium development, which is being undertaken by the Corinthians Football Club, one of Brazil´s biggest teams.
The Itaqueirão stadium, to be built by construction giant Odebrecht, has been re-costed at R$820 million, following a panicked renegotiation after revelations in May that the final price would reach over R$1 billion. The new fiscal incentives will amount to $420 million.
The decision returns the city to favourite in the battle to host the opening ceremony and match, with Sao Paulo´s status as the business capital of Brazil and indeed South America placing it well ahead of other candidates Belo Horizonte, Brasilia and Salvador in most relevant categories. It appears that only a major unforseen problem with the stadium project in the near future would see the opening go to one of the others.
The 65,000 stadium is being built from scratch in the eastern quadrant of Sao Paulo, on land donated to the club in the 1980s. The developer broke ground on the construction at the end of May.