Spanish billionaire Juan Roig is investing €220m in building an 18,600-cap. arena in Valencia, Spain, to attract more international tours to the country
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The €384 million, 20,000-capacity arena in the Austrian capital is OVG's ninth arena project in the last two years
By Lisa Henderson on 13 Jul 2023
Oak View Group (OVG) will spearhead the construction and operation of a new ‘world-class’ arena in Austria’s capital city, Vienna.
After an 18-month process, the world’s biggest arena developer was identified as the ‘best bidder’ for planning, constructing, financing and operating the new venue.
Construction on the arena, which will have a minimum capacity of 20,000, is scheduled to begin in 2025, aiming for completion in late 2029.
The €384 million arena will be largely financed by OVG, with the City of Vienna contributing an amount in the “double-digit million range” according to the final offer.
OVG states that it intends to build “the best [arena] in continental Europe, enabling Vienna to compete with other worldwide capital markets and to host more of the world’s top events.”
While the City of Vienna acknowledges that OVG cooperates closely with Live Nation, an important part of the bidding process was a guarantee that the arena would be open to all event organisers, “and that there are no exclusive rights for certain event organisers,” as it states on the City’s website.
“Vienna is a capital market that deserves one of Europe’s top entertainment arenas”
Ticketing, too, must be designed in such a way as “not to impair the existing competition among the various ticket providers,” it adds.
Commenting on the news, Tim Leiweke, chairman and CEO of OVG, says “Vienna is a capital market that deserves one of Europe’s top entertainment arenas”.
“As the gateway between Western and Eastern Europe and again ranked as the world’s most liveable city this year, it needs an arena that can attract the world’s best events. For those that doubt our commitment and wherewithal, there have been 7 new arenas built in the world in the last 2 years and OVG did them all. We are committed to this project and will deliver on our commitments.”
Francesca Bodie, president of business development and lead negotiator on behalf of OVG, adds: “We have huge admiration for the City of Vienna for having the vision to deliver continental Europe’s best arena, as well as the initiative to find a partner with a proven record of delivering outstanding new arenas that minimise the cost to taxpayers and prioritize innovation and sustainability.”
The next phase of the award process will include planning, zoning, and environmental impact assessments for the project before the contract signing later this year.
The Vienna arena marks OVG’s ninth arena project in the last two years. The LA-based developer oversees the operations of Climate Pledge Arena at Seattle Center, UBS Arena in Belmont Park, NY, and Moody Center in Austin, TX as well as arena development projects for Acrisure Arena in Palm Springs, CA; Co-op Live in Manchester, UK; and projects for Arena São Paulo in São Paulo, BZ; CFG Bank Arena in Baltimore, MD; FirstOntario Centre Arena in Hamilton, ON; a new arena and entertainment district in Las Vegas, NV; and a new arena in Cardiff, Wales.
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