RIO DE JANEIRO (AP) — A multinational consortium has won the rights to run the new Maracana Stadium for 35 years.

Brazilian construction conglomerate Odebrecht, Los Angeles-based sports and entertainment company AEG, and the sports and entertainment company IMX, which is owned by Brazilian billionaire Eike Batista, were announced as the winners Thursday.

They will pay nearly $3 million annually to manage the venue which will host the 2014 World Cup final and the opening and closing ceremonies of the 2016 Olympics. They'll also have to spend nearly $300 million to improve the area near the stadium.

Critics say the deal will give the state government less money than it invested in the venue and will lead to the demolition of an indigenous museum, a public school and some athletics facilities in the area.