On 15 July Palmeiras shall sign a contract with WTorre for the refurbishment of the Palestra Itália Stadium. With the exclusion of the Morumbi from the 2014 World Cup, the home of SE Palmeiras appears as a feasible option for the São Paulo State Commission, for hosting World Cup games in the city, together with the Pacaembu Stadium or another new arena, as yet not selected.
Conceived by Portuguese architect Tomás Taveira, who has designed the stadiums for Euro 2004, this arena shall have its capacity increased from 27.6 thousand to 45 thousand people, which would mean that the stadium could host games of the 2014 World Cup in Brazil, up to the quarter-final stage.
Given the new name of Arena Palestra Itália, this project shall be the responsibility of building firm WTorre. The budget comes to a total of R$ 300 million (€ 130.03 million), including improvements to the social club, construction of administrative buildings and tennis courts.
According to the contract, the club shall keep all the money made from ticket sales for matches. The building firm, in turn, shall be able to exploit, for a period of 30 years, the income from musical and other shows, permanent seats (cadeiras cativas), special seats, boxes (camarotes) and also the restaurant, passing on to Palmeiras a percentage which varies between 5% and 20%.