Cash-poor Italy to sell ad space at Colosseum

Under terms of the contract made public this week, 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 about $47 million in ticket sales that is used for the upkeep of monuments across the city.

The sponsor would get to put its name and logo on tickets sold to the monument, and place posters no taller than 8.2 feet around the base of the structure. The sponsor also would be able to conduct private guided tours, and would have exclusive film rights of the restoration process.

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

Italy had the European Union’s biggest debt last year at 115.8 percent of gross domestic product and last week passed about $33 billion of spending cuts over the next two years to trim the deficit.

The Culture Ministry’s budget was cut by about $233 million for the three years through 2012, straining the country’s efforts to maintain its monuments.

While it’s common for states to reach out for private funds, as France has done for its restoration of the Versailles palace, the Colosseum marks the first time a European state has sought a sponsor to cover the full cost of a project, said Francesco Giro, undersecretary at the Culture Ministry.

Proposals will be accepted through the end of October, and the winner will hire the companies that refurbish the monument, he said. Firms from Asia to America have indicated interest, he said.

After the refurbishment, the entire interior will be open to visitors, compared with 35 percent today, Giro said. The Colosseum will remain open during the restoration.

The Roman stadium was completed in the year 80 AD under Emperor Titus and was the scene of mock sea battles, animal hunts, and gladiatorial combat. Marble that once covered the stadium in Roman times was stripped by latter-day popes to adorn St. Peter’s Basilica.

Tourists and the landmark’s exposure to Rome traffic have taken a toll on the monument. The work, scheduled to begin next year and be completed by 2013, will focus on the exterior, which will be cleaned of the black soot from the exhaust of the cars that circle the monument day and night.