Licampa 1617, the holding company set up by Spanish billionaire Juan Roig to deliver a new arena in Valencia, has reached an agreement with The Music Republic for the festival promoter to jointly operate the venue, which will have a capacity of up to 18,600.

Licampa 1617 and The Music Republic have formed a new company, València 5 Estrellas, which will oversee the management of the arena, its facilities and other future services. The new venture will also negotiate agreements with promoters, service suppliers and other stakeholders.

The arena is intended to be the new home of Liga ACB basketball club Valencia Basket and will host other sporting and entertainment events. In June, the city council in Valencia gave the green light for the development of the arena, which aims to be one of the finest in Spain, by approving a 50-year concession for the construction and operation of the facility.

The arena will have a maximum capacity of 15,600 for basketball games but will be able to accommodate up to 18,600 spectators for concerts, which would make it the largest arena in Spain ahead of Madrid’s WiZink Center.

The arena complex, which is slated to open in 2023, will also feature a car park with 1,300 spaces, new headquarters for Valencia Basket, a multi-purpose hall, catering areas, and other terraces and premium spaces.

Following the launch of the new company, Licampa 1617 chief executive Víctor Sendra said: “A significant milestone has been reached in this project. It allows us to move forward in the management of the venue alongside partners that are highly specialised in the organisation and creation of musical and entertainment experiences, and in bringing top level references to Comunitat Valenciana.

“In addition, we share the same vision regarding the future of Casal España Arena de València. We have a long way to go and we are very excited to create a team that will help us succeed with a project that is so important for Valencia and for which Juan Roig’s patronage is fully committed.”

David Sánchez, chief executive of The Music Republic, added: “It is a great opportunity for Valencia and Spain, having the first arena of such magnitude and capabilities, designed to host all kinds of cultural, sports and corporate events, labelling itself as an attractive venue for final users and the maximum number of event promoters.

“Valencia will be able to host many events that could not be accommodated to date due to the lack of equipped and specialised spaces. We are very pleased and grateful for contributing in the management of this great project together with Licampa 1617 S.L., as part of Juan Roig´s patronage. With everyone’s efforts we believe that we will be able to turn the venue into a point of reference.”

The Music Republic promotes festivals such as Arenal Sound, Viña Rock and Festival Internacional de Benicàssim.

Image: Licampa 1617