The city of Campinas has allowed the demolition of Guarani FC’s stadium, now nearly 70 years old. But before that happens, the developer holding the permission has to built a replacement stadium for the team. And more…

After a few years of turbulence, it seems the story of Estádio Brinco de Ouro da Princesa is nearing its end. The venue in Campinas (state of São Paulo) now has a valid decision allowing its demolition. The approval dates back to April 30 but has only in recent days been discovered by local media.

The permission by Campinas’ department of urban planning was awarded to MMG Consultoria & Assessoria Empresarial LTDA. The private company has an ambition of transforming the stadium and surrounding facilities into a vast mixed-use complex. It would see the stadium turned into a shopping centre, hotel and two office towers, while the east and north edges of the plot would see six residential towers added.

© MARCOS ROSSI DE CERQUEIRA LEITE

The approval of demolition isn’t unconditional, though. Before any chunk of the historical stadium falls, MMG has to secure Guarani FC’s future by delivering a new purpose-built stadium (with at least 10,000 seats), training centre and offices. Only when the club relocates to its new home, any demolition can take place.

It seems the stadium, famously called the “Princess’ Golden Earring”, will stand for a while yet, because there’s no agreement where the new Guarani stadium should be erected.

The Serie B team has a vested interest in the mixed-use complex doing well, though. MMG has guaranteed that at least 14% of the complex’ value would go to the football club. Should that value be less than R$159 million (currently €32.2), MMG pledged to fill the difference. However, if the commercial and residential spaces sell well, any surplus would go to Guarani FC.

The team, also known as Bugre, have a long and complex relationship with Roberto Graziano, owner of MMG. He first came to the club’s aid in 2014, when Guarani were at risk of going under. The club’s associates then approved the sale of the stadium for R$320 million, which would have been enough to pay off creditors and build a new stadium.

As a result of a series of events the transaction never came into effect as was planned, seeing one public auction of the stadium after another end without a new owner. As of today Guarani FC still own the stadium but MMG are still on standby to move in whenever possible. It looks like both sides have interest in pushing forward with the deal but no solid time frame seems set.

Author: Michał Karaś