panels installed in 1998. In February 2015, a vast renovation plan was unveiled with the intention that the completion of the project coincide with the stadium's 50th anniversary and with Club América's centenary in 2016, as well as the construction of a commercial hub outside the stadium to be completed some time in 2019. It was reported that Grupo Televisa, owners of the stadium, approved a joint-venture bid from private development firms IQ Real Estate and Alhel. The hub, named "Foro Azteca", would reportedly consist of a mall, office spaces, two hotels, new leisure spaces, and parking spaces for 2,500 cars. The renovations to the stadium were planned in two phases: the first saw the demolition of the restaurant and seating at the lower east stand and the construction of a new hospitality area with dining and banqueting spaces, and the second saw the construction of new media boxes and private skyboxes at the upper west stand. The renovations to the stadium were completed in November 2016. The seating capacity was ultimately reduced to 87,000 as a result of the renovations. Name The name "Azteca" is a tribute to the Aztec heritage of Mexico City. The stadium is currently owned by Mexican multimedia conglomerate Televisa, which has a heated media rivalry with the similarly named TV Azteca. Although there had been little to no confusion between the stadium and television network (which itself had only come into existence four years before in 1993), Televisa officially changed the stadium's name to Estadio Guillermo Cañedo on 20 January 1997, in tribute to Guillermo Cañedo de la Bárcena, a top network executive, former Mexican Football Federation president, and a prominent member of the FIFA executive committee who had died that day. As with the similar situation with the defunct Candlestick Park in San Francisco in the United States and its sponsored names, few outside of Televisa itself took up the new name, and most of the general public probably had no thought about the stadium's ownership (much less the Televisa/Azteca rivalry) and continued to refer to the Estadio Azteca by its original (and current) name. After two of Cañedo's sons took a business interest in TV Azteca in 1998, Televisa quietly returned to referring to it solely as Estadio Azteca. Known colloquially by the nickname "Coloso de Santa Úrsula", which in English translates to "Colossus of Saint Ursula", due to its large structure