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The iconic Maracana Stadium in Brazil has been up for sale by the State of Rio de Janeiro. The stadium is currently used by club sides Flamengo and Fluminense, and played host to the World Cup finals in 1950 and 2014.

The Maracana Stadium was opened in 1950 to stage the fourth edition of the World Cup. A staggering 173,850 people are said to have attended the final match of the tournament between the host nation and Uruguay as Brazil were defeated 2-1. The stadium now has an official capacity of 78,838 and was last renovated in 2013. And just last month, Premier League stars including Casemiro, Gabriel Martinelli and Joao Pedro were in action for Brazil there, with the Chelsea forward vomiting on the pitch.

As well as football matches, the stadium has hosted other sporting events over the years. It was used for the opening and closing ceremonies at the 2016 Olympics and Paralympics and was the main venue for the 2007 Pan American Games.

It has also staged music concerts, with Frank Sinatra, the Rolling Stones and Paul McCartney all performing there.

But the venue could soon have new owners if the State of Rio de Janeiro can find a suitable buyer.

According to Marca, the state government urgently needs to raise money and has put 62 properties up for sale.

There is said to have been outrage in Rio after the decision to include the Maracana Stadium in the list of available properties.

But the president of the Constitution and Justice Commission of the Legislative Assembly of Rio de Janeiro, Rodrigo Amorim, has estimated that the sale of the stadium and the adjacent Aldeia Maracana complex could generate more than £280million.

He also explained: "The government invests a fortune in the maintenance of the Maracana, about €160,000 per game."

News of the potential stadium sale comes after Flamengo decided to proceed with the development of a new 78,000-capacity stadium in the Sao Cristovao neighbourhood of Rio.

The club bought the land a year ago, with the stadium currently in the planning phase. Flamengo hope to open the stadium in November 2029 and will abandon the Maracana Stadium in favour of their new home.

Carlos de la Corte, who is the chief executive of the new stadium's designers, Arena Events+Venues, said at the end of last year: "This project represents the fusion of tradition and innovation, uniting the passion for sports with a design that reflects the greatness of Flamengo and its fans, as well as the culture of Rio de Janeiro.

"Our goal is to create a space that transcends sports, offering a lasting legacy for the country."