Femsa Expects Mexico Stadium to Pay for Itself, Official Says
Fomento Economico Mexicano SAB (FEMSAUBD), Latin America's largest beverage company, expects to pay for a $190 million soccer stadium in Mexico with the pre-sale of premium seating, advertising and food concessions.
Femsa, as the Monterrey, Mexico-based Coca-Cola (KO) Co. bottler and beer brewer is known, doesn't expect it will need to fund any part of the new stadium, which will house the company's professional Rayados soccer team, project manager Tonatiuh Mejia said in a telephone interview.
``One of the most important goals of this project is that the football club can remain in the stadium over the long term without affecting the company,'' Mejia said. ``It's self- financing.''
Any shortfall between the cost of the Monterrey stadium and funds raised will be paid out of the football team's cash flow, Mejia said.
The stadium is expected to be completed in 2011 and will hold 50,000 fans, a 34 percent increase from the 33,000-person capacity at the stadium the team now rents, Mejia said.
Femsa plans to take bids from several construction companies before choosing the builder, he said. The company has hired U.K.-based HOK Sport to design the stadium.
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