The Lagardère Sports agency has reportedly reached an agreement to take over operations at Brazil’s iconic Maracana stadium.

According to the Rio Times website, Lagardère will pay upwards of R$30m (£7.7m/€9m/$9.5m) to assume stadium operations at the venue until 2048.

The Maracana, which staged the opening and closing ceremonies of the Rio 2016 summer Olympics, has fallen into disrepair since the Games and recently went over a month without power.

The Maracana SA consortium currently manages the stadium, which also served as a host venue for Brazil’s staging of football’s Fifa World Cup in 2014. The consortium is led by construction firm Odebrecht.

Power was switched off at the Maracana in January by electric utility firm Light amid a dispute over unpaid bills. In the months since the Games, the stadium has had equipment such as copper wiring, fire extinguishers and televisions stolen from its premises.

The stadium officially reopened last month when Rio-based football club Flamengo took on Argentine side San Lorenzo in the Copa Libertadores.