Oak View Group Eyeing Arena Next To Man City's Etihad Stadium

OVG's 23,500-capacity venue would be the most expensive arena in Europe and the biggest in the U.K.oak view group

Oak View Group is "pressing ahead with plans to build a £350M ($449M) arena next to" Etihad Stadium, in a move that "deepens ties" between private equity firm Silver Lake and Man City. OVG will "file a planning application for the 23,500 person capacity music and entertainment venue, which it believes will be the most expensive arena in Europe and the biggest in the UK." One of OVG’s "biggest investors is Silver Lake, which in November paid" $500M for a 10% stake in Man City parent company City Football Group. If the Manchester project "gets the go ahead from the city’s planning authorities it could boost income at CFG at a critical time" after Man City's UEFA penalties. SMG, the operator of the existing 21,000 capacity Manchester Arena, "argues there is not enough demand for two big arenas in the city" (FINANCIAL TIMES, 2/28).