Campeonato Brasileiro Série A football club Atlético Mineiro has secured a financial injection for the development of its new Arena MRV after sealing an agreement to sell a stake in the Shopping Diamond Mall.

The Belo Horizonte club had owned the mall, but in September 2017 signed an initial agreement to sell a 50.1% stake in the enterprise to Brazilian shopping centre developer Multiplan. The funds raised through the deal were designed to aid the development of its new stadium, which received final approval last month.

The Diamond Mall deal has now closed, with Brazilian newspaper O Tempo reporting that the initial agreement signed in September 2017 has risen in value from R$250m (£45.4m/€53.8m/$59.7m) to R$293m. The stadium budget has increased during this time from R$420m to R$445m.

Speaking to the club’s YouTube channel, Atlético Mineiro president Sérgio Sette Câmara said: “Now, Multiplan’s money starts to be delivered and used for the construction of the stadium. Our Arena MRV is starting and we will open in 24 or 26 months. It is the dream of every atleticano, and it will certainly bring many rewards to the club.”

Work has commenced on the 46,000-capacity stadium, which will be located in the northwest part of Belo Horizonte in the Califórnia neighbourhood. Land has been provided for the development by businessman Rubens Menin.

 Image: Atlético Mineiro