In recent months, the State Government and the City of Rio de Janeiro announced the privatization of the Maracanã and Engenhão stadiums. These are laudable initiatives, as managing the stadium itself is crucial to reducing our expenses and securing new resources.

State authorities, especially Sports Secretary Eduardo Paes, repeatedly and explicitly encouraged Clube de Regatas do Flamengo to participate in the “Maracanã” bidding process.

We accept the challenge.

We hired consultants, incurred expenses, did not compete in the “Engenhão” bidding process and focused on this endeavor, even suffering restrictions from the State Government itself on the Gávea Revitalization Program, for which, for some years, we have been working tirelessly to make viable and, we obtained all the necessary licenses from the relevant public agencies, federal, state and municipal.

Clube de Regatas do Flamengo is responsible for 70% of Rio de Janeiro's football revenue. This year alone, it will bring nearly 1 million paying fans to the Maracanã, breaking all attendance and revenue records in Brazilian football.

Flamengo's greatness requires us to boldly state that we will not give up the right to implement the Gávea Revitalization Program and will effectively participate in the announced bidding process to privatize the "Maracanã."

The Maraca is ours!

Rio de Janeiro, October 23, 2007

MARCIO BAROUKEL DE SOUZA BRAGA

PRESIDENT