Rio de Janeiro: Rio de Janeiro Mayor Eduardo Paes has handed over management of the Olympic Park to Brazil's federal Sports Ministry after a failed effort to attract a private bidder to operate its facilities.

The mayor's office had pledged to award the rights to manage the Olympic facilities to a private company for 25 years to ensure public funds would not be used to cover high maintenance costs, reports Efe.

But due to a lack of interest, the Brazilian government has on Friday taken over management of facilities including the Carioca Arena 1 and 2 indoor stadiums, the Velodrome, the Olympic Tennis Centre, and the Aquatics Stadium, although the latter will be dismantled because another Olympic-sized pool is located very nearby.

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Sports Minister Leonardo Picciani said at a ceremony on Friday that the entire Olympic Park would be transformed into a sports/recreation area, as well as a training ground for elite athletes.