Live Nation has taken on a 20-year long-term lease to operate Finland’s Helsinki Halli, restoring the arena to the international touring map.

Live Nation’s agreement to run the venue, which was announced at ILMC this morning, follows its recent purchase by a consortium led by Finnish investor Heikki Viitikko and Trevian Asset Management Oy.

The former Hartwall Arena has been mothballed for the past three years due to sanctions on its previous Russian ownership.

First opened in 1997, the 15,900-cap Helsinki Halli is the largest arena in Finland. It has been closed since 2020, apart from a brief reopening in 2021. When open, the arena generates more than €100 million for the Helsinki economy annually.

“There has been a gap in the live music scene in Finland since Helsinki Halli closed, and we’re proud to play a part in bringing the arena back to life”

‘There has been a gap in the live music scene in Finland since Helsinki Halli closed, and we’re proud to play a part in bringing the arena back to life,” says Tom Lynch, Live Nation president venues EMEA said. “We can’t wait to get artists back on its stage, and fans back through the doors again.’

Helsinki Halli is due to open in spring 2025, with announcements regarding the first acts coming soon. Discussions are also underway regarding the potential sporting uses of the arena, as the venue was previously home to the local ice hockey team.

‘We have more than one reason to be delighted today,” adds Heikki Viitikko, main owner and chair of Helsinki Halli. “Firstly, Finland’s premier venue is back to local ownership and soon ready to reopen. Secondly, in co-operation with Live Nation, the world’s leading live entertainment company, together we can take the first step on the road to reinventing this industry-leading arena.”

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Finland’s largest indoor arena is finally set to reopen after three years after Helsinki-based real estate company Trevian Kasvu acquired a controlling stake in the venue.

The Finnish capital’s former Hartwall Arena (cap. 15,500) has been mothballed since 2022 due to sanctions on its previous owners relating to Russia’s invasion of Ukraine.

Beverage giant Hartwall ended its 25-year association with the building – since renamed Helsinki Halli – due to its Russian ownership, while scheduled shows by acts such as Kiss, The Cure, Eric Clapton and Queen + Adam Lambert were relocated.

“The negotiations lasted more than two years and proceeded in a spirit of cooperation,” says Reima Södervall, CEO of Trevian Asset Management. “Despite the challenging circumstances, all parties shared the common goal of bringing Helsinki Arena back into operation.”

Previously, the arena was owned by Arena Events Oy (AEO), a company co-founded by oligarchs Gennady Timchenko and Roman Rotenberg.

“Reopening the arena will have a tremendous impact on major events and cultural life”

“With this transaction, we can finally reopen the arena for events,” says Helsinki mayor Juhana Vartiainen. “The three-year closure has significantly limited our ability to host sports events, concerts, and corporate events in Helsinki. Reopening the arena will have a tremendous impact on major events and cultural life, as well as on the economy and attractiveness of Helsinki and the entire country. Additionally, it will contribute to the development of the local service sector.”

The acquisition was contingent upon a change in EU sanctions legislation and required regulatory approvals from the Ministry for Foreign Affairs and the National Enforcement Authority of Finland. An amendment to EU sanctions legislation enabling the transaction was passed in December 2024, with final approvals received this month.

The purchase price will remain with Finnish authorities for the duration of the EU sanctions.

Trevian is also exploring other locations in Finland for multi-purpose arena projects.

Elsewhere, Finnish project management contractor SRV was recently selected as partner to develop the Garden Helsinki scheme, which includes a 19,000-cap multipurpose arena. SRV is also behind a new 9,800-capacity multi-purpose arena scheduled to be built in the town of Hyvinkää by the end of 2026, as well as a separate complex in the southwestern city of Turku.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

After years without an active arena, Finland’s capital is set to become home to two large indoor venues.

It is hoped that Helsinki’s former Hartwall Arena (cap. 15,500) will be able to reopen in late spring after being mothballed for almost three years due to sanctions relating to Russia’s invasion of Ukraine.

Currently owned by Arena Events Oy (AEO), a company co-founded by oligarchs Gennady Timchenko and Roman Rotenberg, the venue is in the process of being sold to investment firm Trevian, pending approval from both the Finnish authorities and the EU.

“We have found a solution that suited us as buyers, that suited the Russian sellers, and a solution that was also potentially acceptable to the authorities,” Trevian CEO Reima Södervall said last month.

Elsewhere, Finnish project management contractor SRV has been selected as partner to develop Garden Helsinki.

The scheme will include a 19,000-cap multipurpose arena and connected hotel, offices, car park and residential buildings in the neighbourhood of Töölö. It will be located close to the Helsinki indoor skating rink, Bolt Arena and Helsinki Olympic Stadium.

“We will bring our diverse experience in similar arena projects in Tampere and Turku”

The company, which previously built Tampere’s Nokia Arena (cap. 15,000), has signed an agreement with Projekti GH Oy, which is overseeing the €800 million project. Described as including “the world’s most modern arena”, construction work is due to start in spring 2026.

SRV is also behind a new 9,800-capacity multi-purpose arena scheduled to be built in the town of Hyvinkää – less than 30 miles from Helsinki – by the end of 2026, as well as a separate complex in the southwestern city of Turku.

“We are delighted to work with Project GH Oy and the City of Helsinki to develop a new event hub in Töölö,” says SRV president and CEO Saku Sipola. “We will bring our diverse experience in similar arena projects in Tampere and Turku. Nokia Arena, developed jointly by the City of Tampere and SRV, includes offices, hotel and apartments and has generated a sense of vitality and substantial economic activity in the city.

“It has also been shown to support the City of Tampere’s strategy and image as an international event city. We believe that Garden Helsinki will provide Helsinki with a similarly significant appeal, stimulation and competitiveness as a city of sports, culture and major events.”

Garden Helsinki was originally due to be completed in stages from 2020 to 2023, but was delayed by the pandemic.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

The long-running saga over the future of the former Hartwall Arena appears to finally be nearing a conclusion after its Russian owners agreed to sell the venue to a group of Finnish investors.

Currently known as Helsinki Halli, Finland’s largest arena has been mothballed for more than two and a half years since the end of February 2022 due to sanctions relating to Russia’s invasion of Ukraine. The 15,500-cap venue is owned by Arena Events Oy (AEO), which was co-founded by oligarchs Gennady Timchenko and Roman Rotenberg.

Earlier this month, the City of Helsinki announced it was taking legal action as it steps up its efforts to expropriate the venue, which is located in the district of Ilmala. However, IS reports a deal has now been reached with a consortium headed by businessman Heikki Viitikko and is awaiting approval from the EU and Finnish authorities.

While financial details have not been revealed, the publication notes the sale price is believed to be in excess of €60 million, which would go to an escrow (third party) account, monitored by the authorities, until the sanctions are lifted.

“The City of Helsinki’s primary goal has been voluntary sale, as it would best ensure that the arena is taken back into use as swiftly as possible”

“The City of Helsinki’s primary goal has been voluntary sale, as it would best ensure that the arena is taken back into use as swiftly as possible,” says Helsinki’s city manager Jukka-Pekka Ujula. “The city is however not a party to the sales agreement, and is therefore unaware of the contract specifics.”

Beverage giant Hartwall ended its 25-year association with the arena due to its Russian ownership shortly after the war began, while concerts by acts such as Elton John, Dua Lipa, Queen + Adam Lambert, Bjork, Eric Clapton, Kiss and The Cure were either cancelled or moved to other venues.

The City is also planning on buying the plot on which the arena stands from its current owner, the Elo Mutual Pension Insurance Company. The purchase will not impact the ownership of the building.

“The purchase of the plot will do away with the impractical lease arrangement,” adds head of the plots unit at the City of Helsinki Timo Laiho. “By buying the plot, the City will secure a better standing to renegotiate the terms of the lease going forward.”

It was revealed last month, meanwhile, that a new 9,800-capacity multi-purpose arena is slated to open in the Finnish town of Hyvinkää, 30 miles from Helsinki, by the end of 2026.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

The City of Helsinki is taking legal action as it steps up its efforts to expropriate Finland’s largest arena from its Russian owners.

Helsinki Halli (cap. 15,500) is owned by Arena Events Oy (AEO) – a company co-founded by oligarchs Gennady Timchenko and Roman Rotenberg – and has been shuttered since the end of February 2022 due to sanctions relating to Russia’s invasion of Ukraine.

“Making it available for use again is very important for the fields of culture and sports, as well as for major entertainment and business events,” reads a press release from the Finnish capital.

After being repeatedly frustrated in its attempts to facilitate a voluntary sale of the venue, the city is now preparing an application for an expropriation permit, with the application expected to be submitted in November and December.

Finland’s central government will then rule on whether or not to grant the request. However, the city warns the process involves several phases and could be protracted.

“It is difficult to predict its duration and outcome due to possibility of appeals,” continues the authority. “Even if the city is granted the right to pre-possession, it will take at least a year for the city to assume control over the arena and potentially start operations. If there are appeals, the expropriation process could assumedly take several years.”

“Due to payment difficulties, the company that owns the arena has drifted into a situation that also threatens to compromise the building’s condition”

Describing the move as a “last resort”, it adds that the application will be waived if use of the arena can be “secured in another fashion”.

Formerly known as Hartwall Arena, the venue currently owes €212,000 in unpaid rent according to YLE, while its electricity and heating have been cut off, leading to concerns it will fall into disrepair.

“On 30 October, the City of Helsinki submitted an application for a summons to the Helsinki District Court regarding unpaid rent on the Ilmala arena’s leased land,” adds the city. “Due to payment difficulties, the company that owns the arena has drifted into a situation that also threatens to compromise the building’s condition.

“The Helsinki City Board’s decision proposal entitles the city manager to approve, if necessary, the reasonable and appropriate expense to the city that is necessary to secure the technical condition of the arena and to demand payment of the resulting arrears from the party originally responsible for them.”

It was revealed last month that a new 9,800-capacity multi-purpose arena is slated to open in the Finnish town of Hyvinkää, 30 miles from Helsinki, by the end of 2026.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

The two-year saga over the future of Finland’s largest arena could finally be nearing its conclusion after the City of Helsinki signalled its intention to acquire the venue from its Russian owners.

The 15,500-cap Helsinki Halli, formerly the Hartwall Arena, has been owned by Arena Events Oy (AEO) – a company co-founded by oligarchs Gennady Timchenko and Roman Rotenberg – since 2013, but shuttered in early 2022 following Russia’s invasion of Ukraine. All of Timchenko’s holdings in the EU have been frozen, while Rotenberg’s family is the target of US sanctions for their ties with Vladimir Putin.

“The city will take measures to buy the required shares or arena property by sale,” the City of Helsinki tells Finnish newspaper Helsingin Sanomat (HS).

According to YLE, the city is seeking a voluntary deal with the current owners, with a process to expropriate the venue to be launched by early June if an agreement cannot be reached.

“This is an important step towards making the arena operational,” says Helsinki deputy mayor Paavo Arhinmäki. “The events industry in particular has lost a huge number of concerts while the arena has been out of use.”

The publication notes that the foundation operating the arena has already been instructed that it must be prepared to reopen as soon as possible if ownership is transferred to the city.

“At this point, it is not relevant who will own the arena later”

Head of office Jukka-Pekka Ujula tells HS there are no estimates on how much the acquisition would cost the city, which is reportedly losing more than €100 million per year due to the closure. In the meantime, Tampere’s 15,000-cap Nokia Arena has filled the breach as the country’s leading events venue.

Several private parties have failed in bids to buy the arena over the past 18 months, and Arhinmäki indicates the city’s ownership could just be a temporary measure to get the venue back in use.

“At this point, it is not relevant who will own the arena later,” adds Arhinmäki.

YLE previously noted that Rotenberg and Timchenko own a combined 44% of the arena’s holding company, Helsinki Halli Oy, but their combined voting power in the firm accounts for 93.9%.

Beverage giant Hartwall ended its 25-year association with the building due to the arena’s Russian ownership shortly after the war began in 2022. Finland’s Flow Festival also ended its brand partnership with Heineken Silver last year due to the lager firm’s operations in Russia.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

A new package of EU sanctions on Moscow could pave the way for the Finnish authorities to seize the Russian-owned former Hartwall Arena in Helsinki.

The 15,500-cap venue has been owned by Arena Events Oy (AEO) – a company co-founded by oligarchs Gennady Timchenko and Roman Rotenberg – since 2013, but shuttered in early 2022 following Russia’s invasion of Ukraine.

All of Timchenko’s holdings in the European Union (EU) have been frozen, while Rotenberg’s family is the target of US sanctions for their close ties with Vladimir Putin.

The 12th package of EU sanctions will be decided in December. According to a new report by Finnish News Agency STT, via The Insider, individuals who are subject to sanctions could be given the opportunity to sell their frozen assets, although the proceeds of the sale would remain frozen. The assets would be confiscated if they refuse to sell.

STT reports that property can be expropriated in cases of “public need”, with the owner of the property receiving compensation. Although, again, the funds would be frozen in the case of the arena.

“At the moment, the interests of the owners are to promote trade. And there are plenty of buyers”

In September this year, Timchenko’s Finnish case manager Kai Paananen told Helsingin Sanomat that the sale of the venue was being negotiated.

“During the past year, there have certainly been moments when the negotiations for the sale of the arena have not progressed, but now the situation is different,” said Paananen. “Of course, the current owners of the arena ultimately decide whether they will sell their shares or not. There is currently no certainty about this, but as said, at the moment, the interests of the owners are to promote trade. And there are plenty of buyers.”

Beverage giant Hartwall ended its 25-year association with the building – since renamed Helsinki Halli – last year due to its Russian ownership.

Finnish publication Ilta Sanomat notes that the city of Helsinki is losing more than €100 million per year due to the closure, with Tampere’s 15,000-cap Nokia Arena taking over as the country’s leading events venue.

Earlier this year, Finland’s Flow Festival also ended its brand partnership with Heineken Silver due to the lager firm’s operations in Russia.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Hopes have been raised that Finland’s largest arena will be sold “very soon” after being left in limbo since Russia’s invasion of Ukraine.

The former Hartwall Arena in Helsinki is owned by Arena Events but has laid empty since two of the company’s co-founders, oligarchs Gennady Timchenko and Boris Rotenberg, were added to the UK’s sanctions list shortly after the war began in February.

Beverage giant Hartwall ended its 25-year association with the building – since renamed Helsinki Halli – due to its Russian ownership, while scheduled shows by acts such as Kiss, The Cure, Eric Clapton and Queen + Adam Lambert were relocated.

However, according to Helsingin Sanomat, investors were informed during the company’s general meeting that the venue was now officially on the market, with the sale of the Russian businessmen’s shares progressing “reasonably”.

A “strong impression” was given during the company’s general meeting that the arena will be sold “very soon”

Reporting on the meeting, IS states there was a “strong impression” the arena would be sold “very soon”, although no prospective buyers were named. The publication has previously listed live entertainment giants ASM Global and CTS Eventim, as well as Finnish billionaire Mika Anttonen, owner of energy company St1, as interested parties.

Rotenberg and Timchenko reportedly own a combined 44% of the 15,500-cap arena’s holding company, Helsinki Halli Oy, but their combined voting power in the firm accounts for 93.9%.

The report notes that, due to the sanctions, money from any sale cannot be paid directly to Timchenko and Rotenburg, with experts suggesting the proceeds be placed in a frozen account and not released until after the end of the war. Helsinki mayor Juhana Vartiainen previously told HS that the completion of any deal would require permission from the ministry of foreign affairs.

Arena Events says it will be making no comment during the transaction process.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

The future of the former Hartwall Arena in Helsinki, Finland is unclear, with shows relocated and its naming rights partner terminating its long-standing sponsorship due to the venue’s Russian ownership.

The country’s largest arena, the 15,500-cap venue has been owned by Arena Events Oy (AEO) since 2013 but has been shuttered since two of the company’s co-founders, Gennady Timchenko and Boris Rotenberg, were added to the UK’s sanctions list following Russia’s invasion of Ukraine.

Finland’s National Enforcement Authority reportedly confiscated Timchenko’s 22.5% holdings in the venue in April.

Helsinki-based Beverage giant Hartwall ended its 25-year association with the building soon after the war began, leading the arena to be renamed Helsinki Halli.

“The arena will not bear Hartwall’s name, and the Hartwall logo has been removed from the arena’s walls”

“The war started by Russia is an absurd and reprehensible act,” said Hartwall CEO Kalle Järvinen at the time. “We will no longer engage in marketing collaboration with Helsinki Halli due to the war in Russia. In the future, the arena will not bear Hartwall’s name and the Hartwall logo has been removed from the arena’s walls.”

High-profile 2022 concerts to have been moved include Kiss and The Cure, which were both switched to the 8,200-cap Helsinki Ice Hall, while Queen + Adam Lambert’s 24-25 July gigs will now take place at the 15,000-cap Nokia Arena in Tampere. Eric Clapton’s performance was also relocated to the latter venue.

“Due to ongoing sanctions pertaining to the situation in Ukraine, all Live Nation events originally scheduled to take place at the Hartwall Arena (Helsinki Halli) are being moved to alternate venues,” Live Nation told ticket-holders.

Shows by acts including Elton John, Dua Lipa and Bjork, meanwhile, were unable to be rescheduled and have now been cancelled.

“It is not possible to do business with Russians on the sanctions list”

A number of Finnish promoters have confirmed to IQ that the venue remains out of use for events as a result of the sanctions. Helsinki Mayor Juhana Vartiainen, meanwhile, has expressed his hope for a change in ownership to end the deadlock.

“It is not possible to do business with Russians on the sanctions list,” he said, reports YLE. “At this stage, we can only make sure that the hall pays its taxes and fulfils its obligations… My understanding is that a forced sale could come up in the event that Helsinki Halli does not pay its debts.”

YLE notes that Rotenberg and Timchenko own a combined 44% of the arena’s holding company, Helsinki Halli Oy, but their combined voting power in the firm accounts for 93.9%.

According to Iltalehti, the rent for the arena is due quarterly and was paid on time on its previous due date in April. The publication notes that due to the sanctions, the owners cannot sell the hall without the consent of the Finnish authorities.

The venue’s management has not responded to IQ‘s requests for comment.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.