Corficolombiana’s Stake in El Campín Stadium Faces Scrutiny

Concerns from an investor in the app for the new El Campín stadium have shaken the foundations of one of the country’s most ambitious projects. Adding to the criticism surrounding the state of the pitch, now managed by Sencia, came potential reservations from one of the original partners in the concession.

According to information published by the financial outlet Valora Analitk, the British group ERG, a partner in the project’s engineering component valued at COP 2.4 trillion, is reportedly reconsidering its participation in the public-private partnership (PPP) due to Corficolombiana’s recent acquisition of a 51% stake in the concession, a financial group associated with the Sarmiento Angulo economic group.

An executive from the multinational company told the outlet that the arrival of this new player in the business had raised some concerns. “The interest has changed and we are rethinking our interest in continuing with the project,” Juan Jiménez, the group’s Latin America director for ERG International Group, told Valora Analitk.

However, the ERG executive clarified that they remain open to dialogue with the new majority partner and are closely monitoring any developments that may impact their involvement in the PPP.

Sencia and Corficolombiana have not yet commented on the executive’s statements or potential changes to the deal.

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The new El Campín stadium

For decades, and until mid-2024, El Campín was a public asset administered by the IDRD, which generated more than COP 10 billion annually for the District through ticket sales and events. These resources were allocated to the maintenance of parks and sports venues. However, starting in 2018, during the administration of Enrique Peñalosa, a renovation project began to grab shape that, over successive administrations, transformed the nature of the stadium: from a public sports venue to a public-private partnership (PPP) conceived as a large-scale complex, with majority private participation and more than 68% of areas for entertainment and only 31% dedicated to sports.

Although the initial award was made to CDEC, the PPP Complex Deportivo El Campín, which structured the project for six years, the contract was finally signed in 2024 with Sencia S.A.S., a company created as a “concession vehicle” consisting of nine firms, including three from Spain and one Colombian-Panamanian.

While the change raised questions, as the District recognized more than COP 20 billion for structuring costs to a firm linked to the same group that ultimately operated the contract, the heart of the debate remains financial: the District stopped receiving net profits and moved to a consideration of 1% of ticket revenue for the first 15 years, of which only 0.2% would be freely available.

More information about Bogotá: The pitch in dispute: rains, mass events and the deterioration of the El Campín pitch.

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