Live Nation selected for new Cardiff arena
Live Nation has been identified as the preferred bidder to manage a new 15,000-capacity indoor arena in Cardiff.
The new venue, which will become Live Nation’s second arena in the Welsh capital, will cost around £150 million to build and, it is hoped, attract more than 1m visitors and an estimated £100m into the local economy annually.
A Live Nation-led consortium – which also includes venue company Oak View Group (OVG) and property firm Robertson – was behind one of two offers to Cardiff Council, which was seeking a private-sector partner to “deliver a top-tier UK venue that that will enable events of all sizes to be hosted in the city.”
Live Nation also operates the 5,000-capacity Cardiff International Arena (formerly Motorpoint Arena Cardiff), as well as converted warehouse venue Titan Warehouse. OVG, meanwhile, is currently constructing a new arena, Co-op Live, in Manchester, England.
Russell Goodway, Cardiff Council’s cabinet member for investment and development, says: “The city’s strategy is to establish the Cardiff Arena as a top-tier UK arena and to make it the premier arena in the south-west region of England and Wales.”
“Our combined experience in the delivery and operation of facilities of this nature will result in a world-class facility”
A rival arena in Bristol, in south-west England, YTL Arena, is now expected to open in 2023, after years of delays. It was originally due to open in 2018, with SMG Europe (now ASM Global) managing, but is now under construction at a new site.
According to Cardiff Council leader Huw Thomas, the council will commit less than 15% of the arena’s cost, with the remaining 85%+ of capital investment coming from the council’s private-sector partners.
In a joint statement, Live Nation, Oak View Group and Robertson say: “We are delighted to have been announced preferred bidder today to deliver the new Cardiff arena. We look forward to working in partnership with Cardiff Council to bring this ambitious vision to life over the next few years.
“Our combined experience in the delivery and operation of facilities of this nature will result in a world-class facility that will bring economic benefits to the entire region, both during its construction and for many years to come once it’s open. In 2021 we will embark on the next phase of the planning process, which will provide the wider community the opportunity to see our exciting proposals for the site.”
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