MANCHESTER, UK (CelebrityAccess) — Venue management and consultancy Oak View Group announced it has secured a deal with a group of private equity investors to provide funding for a major new sports arena in Manchester.
The deal will result in the construction of Co-Op Live, a new, 23,500-capacity arena which will open in Manchester in late 2023.
The arena will be located on the Etihad Campus and will be led by OVG and Manchester-based City Football Group (CFG), the global operator of football and sports-related business, who will both share an equal stake in the venue.
According to Oak View Group, the financing deal is the first of its kind with long term financing provided by Apollo and Barings, through their respective clients and managed funds, with additional financing sourced from a shorter-term credit facility from J.P. Morgan.
The £365mm Co-op Live is OVG’s first international venue and is 100% privately financed between the debt facilities provided by Apollo, Barings and J.P. Morgan and funding provided by Co-op Live’s shareholders.
“We’re proud to have closed this pioneering financing to help fund the development of Co-op Live, which will deliver one of the world’s best arenas to Manchester. It shows the confidence in our business model and ability to deliver on a robust, year-round calendar of unparalleled music and other content,” said Francesca Bodie, President of Business Development, Oak View Group.
