May 25 – City Football Group (CFG), owner of Manchester City, has become an equal partner and investor in the development of Co-op Live, the new sports and entertainment venue being built on the Etihad Campus in Manchester, next door to the home of CFG’s flagship club.
The investment in the £350 million venue alongside US developer Oak View Group (OVG), is an extension of a relationship that began in 2019, when OVG conducted community consultations and feasibility studies that CFG supported. CFG shareholder Silver Lake is one of OVG’s biggest investors
Last September the Co-op agreed a 15-year naming rights deal for the arena with OVG, becoming the venue’s official grocery partner in a reported £100 million agreement. The venue will open December 2023 at the earliest.
The value of CFG’s investment in Co-op Live has not been released, but continues a pattern of infrastructure spend by CFG in the Etihad Campus and East Manchester that has seen more than £700 million invested since 2008.
“The Etihad Campus was always a clear choice due to its proximity to the city centre and the opportunity to be part of a growing visitor destination with excellent existing transport links,” said Tim Leiweke, co-founder and chief executive of OVG.
“With CFG as a JV partner, we can push the boundaries on how Co-op Live delivers for artists, every single fan, the UK’s music industry and the city by creating a magical intersection of sports, community and entertainment that will be the envy of the world.”
Currently in the main construction phase, £150 million of orders have been placed with local firms and the project is supporting 3,350 jobs during construction with a further 1,000 jobs created once the venue opens.
Planned as an entertainment and leisure destination, Marty Edelman, board director at CFG, added: “Co-op Live unlocks the potential for the Etihad Campus to grow as an entertainment destination that creates more reasons for the nation and world to visit Manchester.”
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