Brazil is to spend £550m renovating its stadiums for the 2014 World Cup finals

Brazil will spend £550m updating its stadiums following the announcement it will host the 2014 World Cup.

Fifa's inspection report identified 18 grounds with more than 40,000 capacity that could host games. The list will be reduced to nine or ten and would include the famous Maracanã in Rio de Janeiro, which hosted the 1950 World Cup final.

Of the 18, four would have to be re-built and the others would need to undergo substantial renovation. Some of the stadia are currently not equipped for television commentary.

The South American country was the only bidder in the contest to stage the finals, which were due to be staged on the continent under Fifa's rotation system.