According to the latest story in Place North West, US developer Oak View Group and HH Sheikh Mansour’s City Football Group have become equal partners in the Co-op Live entertainment arena project, which will see a 23,500-capacity stadium built near the Etihad stadium.
Plans for the arena were unanimously approved by Manchester city council in September, and it is part of the City Football Group’s ongoing development in and around the Etihad campus, where they aim to create a global hub for sports, entertainment, and leisure.
The newly formed collaboration is a pre-planned strategic investment opportunity curated after extensive planning conducted by Oak View Group and supported by CFG. British pop star Harry Styles has also taken a minority stake in the project last year.
In a statement, City Football Group’s Board Director Marty Edelman shed some light on the football group’s new venture into the entertainment arena, explaining, “Co-op Live unlocks the potential for the Etihad Campus to grow as an entertainment destination that creates more reasons for the nation and world to visit Manchester.”
“As a joint venture partner and investor, we will ensure the Co-op Live becomes part of the fabric of East Manchester and delivers the fullest community and economic impact as Manchester, and the wider region builds back from Covid-19,” Edelman added.
Designed by famous architectural design firm Populous, the arena is to be sponsored by Co-op under a 15-year naming rights deal worth £100 million and plans to attract top entertainment events from all over the world when it is eventually ready for use.
Speaking about this brand-new partnership with the City Football Group, Co-founder and Chief Executive of the Oak View Group Tim Leiweke spoke highly of their new business partner when he was quoted as saying “We can’t think of a better partner for this project.”
“We are creating one of the world’s best arenas in Manchester. This venue will push the boundaries of live entertainment and be a significant source of opportunity for the city,” Leiweke added.
City Football Group has developed different parts of the city ever since their arrival in Manchester, developing the area around the Etihad campus extensively and they continue to do so with this latest project which will also encourage business opportunities for the local people of Manchester.
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