CARDIFF, Wales (CelebrityAccess) — Live Nation will partner with venue management consultancy Oak View Group after winning a bid to oversee construction and delivery of a brand new 15,000-capacity arena in Cardiff.
Both Live Nation and Oak View Group have each committed to an investment £10m in the arena project, which is expected to cost £150m to bring to life over the next few years at Cardiff’s Atlantic Wharf.
The next phase of the planning process will commence in early 2021 and will allow members of the local community to see proposals for the site, which is expected to generate more than £100m in revenue for the region on an annual basis, according to the companies.
A full timeline for the delivery of the arena has not been completed.
Cardiff council leader Huw Thomas told the BBC that the arena is an “exciting opportunity” but conceded that the project comes at a time of sharp fiscal constrants for many regional and local governments.
“There will be voices asking ‘how can the council afford to be involved in a project like this at this time’, that’s why it’s important they know that this is a private-sector led proposal which the council is supporting,” Thomas told the BBC.
“That means the private sector will be covering the lion’s share of the costs and taking the vast majority of risk associated with delivering this project,” he added.
According to Thomas, Cardiff’s council’s financial commitment to the arena was just 15% of the final cost and could be ‘substantially less’ in the fullness of time.
“We look forward to working in partnership with Cardiff Council to bring this ambitious vision to life over the next few years. Our combined experience in the delivery and operation of facilities of this nature will result in a world-class facility that will bring economic benefits to the entire region, both during its construction and for many years to come once it’s open” a spokesperson for the developer and operator consortium (Live Nation, Oak View Group and Robertson) said.