On 02 February 2012, Andrey Kostin, President and Chairman of JSC VTB Bank Management Board, and Moscow Mayor Sergey Sobyanin had a meeting on the implementation of the VTB Arena Park project. It was dedicated to the launch of the active reconstruction phase of the famous Dynamo Stadium. On 01 February 2012, the Department of Moscow Cultural Heritage issued permission for the reconstruction of the stadium and its adaptation to the present-day operation.
Sergey Stepashin, Head of the Russian Audit Chamber and Head of CJSC FC Dynamo-Moscow Supervisory Board, Yuri Isaev, Board Chairman with JSC MC Dynamo and President of CJSC FC Dynamo-Moscow, and others participants took part in the meeting.
In late 2011, the Bank granted a RUB 8.7 bln. construction loan to VTB Arena. The overall investment volume into the VTB Arena Park project will hit USD 1.5 bln.
«This project has a certain value for us as VTB has been FC Dynamo-Moscow’s general sponsor for over four years».
President and Chairman of the Management Board
“VTB takes active part in the implementation and supervision of the project. This project has a certain value for us as VTB has been FC Dynamo-Moscow’s general sponsor for over four years. I’m sure that after all the construction operations are over, the unique VTB Arena Park projects will become one of the best world-class sports and entertainment complexes in Russia,” Andrey Kostin said. .
Under VTB Arena Park project, VTB Bank together with All-Russia Society of Sports and Physical Training “Dynamo” (Dynamo) established a joint company CJSC VTB Arena to act as investor of the reconstruction of Dynamo Stadium and its surrounding territory of Petrovsky Park.Once the share capital of the new company was allocated, VTB received 75% minus one share of VTB Arena and paid for the share capital. As to Dynamo, it deposited 100% of CJSC Petrovsky Park Arena shares and 75% minus one share of CJSC Management Company Dynamo. It also purchased 25% plus one share of VTB Arena.