Since the collapse of the House of the Gladiator's in Pompeii in November, the Italian Ministry of Culture has been under fire to restore historic monuments before they are irreparably damaged. The government has begun to seek private donations to finance the renovations.
Answering the country's call, on Friday, the owner of Italian luxury brand Tod's pledged 25 million Euro to restore the Colosseum.
When the source of the proposed funding was first revealed, concerns where raised about corporate sponsorship. In an announcement about the large donation, Tod's founder Diego Della Valle pledged that he would not exploit the restoration project for commercial purposes. Della Valle assured the public that he was happy to give back to his country and would not use the sponsorship to advertise his private brand in any way.
After the British Museum in London and the Louvre in Paris, the Colosseum is the third most visited cultural site in Europe. The donation will ensure that the historic structure remains open to the Colosseum's six million annual visitors. The money will be used to clean and reinforce the façade, as well as restore some of the inner galleries and underground spaces.