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VTB Arena starts operating

 
8 October 2010

Under VTB Arena Park project, VTB Bank together with All-Russia society of sports and physical training Dynamo have established a joint company CJSC VTB Arena to act as investor of the Dynamo Stadium reconstruction 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 All-Russia society of sports and physical training 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. Before the year-end, VTB Arena is expected to receive 74% of Dynamo-Moscow football club shares from All-Russia society of sports and physical training Dynamo.

As a major shareholder, VTB Bank will take under control VTB Arena Park project implementation and will participate in its profit allocation. VTB Arena project will be financed with the help of VTB own and raised funds. The volume of investments will approximately total USD 1.3 to 1.4 bln.

According to Andrey Peregudov, Senior Vice President, Chairman of the Board of Directors of Management Company Dynamo, “VTB Arena was established to have a well-defined management structure of VTB Arena Park project. This will ensure the maximum effectiveness of the project implementation.”

 

For reference:

VTB Arena Park project is designed to redevelop Dynamo Central Stadium and its surrounding territory of Petrovsky Park. At the end of June 2010, the international closed competition announced winners to design architectural and urban decisions with regard to re-development of Dynamo Central stadium and Petrovsky Park territory. It became a joint project by Mikhail Posokhin, an honored architect of Russia and head of State Unitary Enterprise Mosproect-2 and Erick van Egeraat B.V., a famous Dutch architect. When implemented the project will comprise several facilities, including a Large Sports Arena, Universal Sports Hall – Small Arena, Retail and Entertainment Complex, and Complex of Apartments and Offices. The design and construction of the Large Sports Arena is to be implemented in 2016, as Dynamo Stadium is in the Candidate Application to host 2018 FIFA World Cup.


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