Oak View Group (OVG) has teamed up with Live Nation to build and operate a major new sports and entertainment arena in the Santa Giulia area of Milan, Italy.
OVG said that a Heads of Terms agreement had been penned with property company Risanamento and Lendlease, which are developing the district, to construct and operate the new arena.
Confirmation of the privately-funded venue comes just three months after the launch of the OVG International division, which is based in London, with the Santa Giulia venue set to be the venue development, advisory and investment company’s first project outside the US.
The arena is slated to play a central role as the host of the ice hockey competition at the 2026 Winter Olympic and Paralympic Games if the showpiece is awarded to Milan-Cortina d’Ampezzo later this year, with Stockholm-Åre in Sweden providing the rival bid.
Reports in Italy have suggested that the venue could have a capacity of between 15,000 and 17,000 seats, although when contacted by TheStadiumBusiness.com today (Monday), OVG said that it would not be releasing any further information at this stage.
OVG co-founder and chief executive Tim Leiweke said: “We’re delighted to announce our first European partnership, bringing a state-of-the-art entertainment facility to Milan.
“The new arena will be an exciting addition for the city and an important part of hosting what would be an inspiring 2026 Winter Olympics.
“Oak View Group and Live Nation have years of experience working together and are the ideal partners to deliver and run the Santa Giulia Arena.
“We’re looking forward to working with Risanamento and Lendlease as part of their major regeneration project, and to announcing more European partnerships soon.”
Since its establishment in 2015, OVG has undertaken major arena development projects at the Key Arena in Seattle, Belmont in New York and the University of Texas in Austin.