The 1960 Valdivia earthquake caused severe damage to several stadiums in Chile, upsetting the calendar for the World Cup. On September 30, 1960, the Corporation of Development of Chile (Corfo) provided economic contributions toward the construction of the Antofagasta stadium, under the condition that work began before March 1, 1961. Mayor Santiago Gajardo handed over the land to the Santiago-based Wedeles, Balmaceda, Mathieu and Company, Ltd. on January 5, 1961. The work officially began on January 18. However, due to financial problems, construction was postponed and the committee responsible was dissolved. Work resumed on July 3, 1961 with the demolition of the riding club's facilities. Calvo and Bascuñan reformed the construction committee and secured government and private funding, though they'd lost the opportunity to host the 1962 World Cup. On July 9, 1962, Razmilic and Co. restarted the unfinished work.