How a Mexican firm is seeking to reinvent stadium financing with infra vehicles

Financing Mexican stadium projects through the sustainable real estate investment trust vehicle (Fibra) is seen as an innovative solution.

TMSourcing's legal engineering director Genoveva Beatriz Franco Aguado (pictured) developed the idea based on options presented by Qatar to finance the World Cup. Her Fibra Stadium pitch won first place in the Amefibra–Fibra Day contest in October.

“Nobody proposed a different Fibra than what is known today. It is the first time that a Fibra is proposed in the sports area,” she told BNamericas.

As vehicles geared toward real estate and infrastructure development, Fibras have become more popular. With the contest, stock exchange BMV sought to incorporate more Fibras. Its portfolio currently involves 16. 

"Apart from that, what we are proposing is that there be stadiums that are not used a few times a year, but that have everything: shopping malls, hotels, etc.", Franco said, adding that the firm received some proposals after the contest. 

“We already have about four stadiums in our portfolio to start with. Right now we are in meetings with partners and seeing who the founding partners can be to launch the projects through Fibras,” she said. 

Franco said her proposal focused on mixed-stadium projects, which enable more activities apart from sports or entertainment events. It also enables owners of existing stadiums to finance modernization works through Fibras.

Work on some stadiums did not advance this year, even though they are planned to be used for the 2026 World Cup, hosted by Mexico, Canada and the US. 

Among them is the US$150mn modernization of Mexico City’s Aztec stadium, currently halted due to local opposition. Works include a hotel and shopping center.

The status of the 2.2bn-peso Estadio Sostenible de Yucatán (ESY), to be built in state capital Mérida, is also unclear. New York-based real estate firm Juego de Pelota presented the complex for soccer and baseball matches two years ago.  

And the new US$320mn Tigres stadium in Monterrey remains in limbo even though the groups behind its development promised to start construction this year.