Sale agreed for Finland’s former Hartwall Arena

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.

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