Design & Development

Atlético unites with OVG, Live Nation in pitch to reimagine aquatics centre

Featured image credit: Rob Ridley

Spanish LaLiga football club Atlético de Madrid has entered into a joint venture with Oak View Group (OVG) and Live Nation in an effort to repurpose the mothballed aquatics centre development that is located adjacent to Riyadh Air Metropolitano stadium.

OVG, Live Nation and Parque Metropolitano, a subsidiary Atlético formed in 2022 to drive forward its infrastructure ambitions, have submitted a proposal to Madrid City Council to transform the unfinished aquatics centre building through the Barsento S.L. entity.

A joint statement from the three stakeholders read: “(This) project will create an iconic, multi-functional space combining culture, education, sports, and leisure, designed to attract a diverse audience and solidify Madrid’s position as a leading international cultural and recreational destination.

“This development will not only enhance the lives of residents but also address the need for decentralised cultural and leisure offerings in the capital. This initiative aims to provide added value to the city of Madrid, particularly the district of San Blas-Canillejas, and to enhance the lives of its residents.”

The aquatics centre was part of Madrid’s bid to host the 2016 Olympic and Paralympic Games, with the Spanish capital ultimately losing out to Rio de Janeiro. Work commenced on the project, but was abandoned in 2010 following the failed Olympic bid.

The City has been keen to resume work on the site, with the Council approving the extension of uses on the plot of land three months ago. For its part, Atlético has also showed interest in the site since moving into the Metropolitano as its new home back in September 2017.

If Barsento’s proposal for the aquatics centre gains favour with the City it would serve to further strengthen the Ciudad del Deporte, or sports city, project Atlético is currently undertaking.

Construction on the scheme commenced in the summer, with the aquatics centre plot not part of the plans. Once complete, the Ciudad del Deporte will have an athletics track; four multi-purpose sports courts; a high performance centre for Atlético; a leisure and multi-sport space for sports such as surfing, golf, climbing, skating, padel and zip-lining; and a complex that will feature various sports, commercial, catering and leisure facilities.

In June, it was announced that Atlético’s majority shareholder would inject €50m (£41.9m/$52.1m) into the club to ensure the costs of Ciudad del Deporte do not impact the team’s performance. The club said Atlético Holdco’s investment would cover two-thirds of the €70.8m direct club funding required for the project.

In May, the Ciudad del Deporte vision was said to have been adjusted, which as a result saw its budget rise to around €350m from when it was first announced. Mayor of Madrid, José Luis Martínez-Almeida, initially announced in July 2022 that the City Council would give the green light to a new sports city project surrounding the Metropolitano.

Atlético will partly fund the project through the LaLiga Impulso venture. This funding will reportedly amount to around €258m, with the club last year said to have approached investors to come up with the remaining funds and become involved with some elements of the project.

OVG ‘assessing’ Dublin arena

In other news, OVG has reportedly made a pitch to develop a new venue that could become Dublin’s premier arena.

The Business Post, citing new lobbying records, said OVG executives met with Jack Chambers, Ireland’s Minister for Finance, and a number of other public officials in a series of meetings at the end of 2024 to communicate the “economic potential of a new indoor performance venue for Dublin City”.

The newspaper said any new venue would be closer in scale to Co-op Live, the arena OVG opened in Manchester last year, as opposed to Dublin’s 13,000-capacity 3Arena, which has operated since 2008.

A spokesperson for OVG said the firm was “continuously exploring options for performance arenas throughout the world”, adding “as one of the world’s great music cities, Dublin would be part of that consideration”.