- CFG invest in indoor arena
- In collaboration with Oak View Group
- Expected to open in April 2024
WHAT HAPPENED? American sports executive Tim Leiweke, most known for signing David Beckham to Major League Soccer in 2007 and igniting the league, broke the news of the collaboration to open the new indoor arena in Manchester. More than 300 venues have been developed or managed by Leiweke's organisation, the Oak View Group across the US, Europe, and other continents. The next, which will be the largest indoor arena in England, is now being constructed near Etihad Stadium in collaboration with the City Football Group (CFG).
HOW DO THEY PLAN TO PROFIT? In the long term, CFG anticipates that the £365 million initiative will greatly increase the group's worth. It is thought that the CFG's revenue from merchandise sales, ticket sales, and other sources won't immediately support Manchester City's first-team budget as per The Telegraph.
IN A PHOTO:
Getty ImagesTHE BIGGER PICTURE: Their football stadium is adjacent to the 23,500-seat arena, which is also being expanded, and will open next year. The US private equity fund Silver Lake, which owns 18 per cent of CFG, has also invested in Lieweke’s venue company Oak View Group. The first performers of what will be called "Co-op Live" include investor Harry Styles.
WHAT NEXT?: It is anticipated that Co-Op Live will have the largest maximum capacity (as seats plus standing areas) of any indoor arena in the United Kingdom when it opens in April 2024.