Seeking Private Sponsors for Colosseum Renovation

"Under terms of the contract made public on Aug. 4, the bidder will pay for 100 percent of the restoration in exchange for advertising rights and associated perks linked to Rome's biggest tourist attraction. The Colosseum draws more than 5 million visitors a year, producing 35 million euros in ticket sales that is used for the upkeep of monuments across the city.

'This establishes a clear precedent,' Rome Mayor Gianni Alemanno said in an Aug. 2 interview in his office overlooking the ancient Roman Forum and Colosseum. 'We hope this method can be used for other large restoration projects."'

This would be the first time a historic site's restoration is completely funded by private sources in Europe.