City Football Group (CFG), the owner of Manchester City, has announced a joint venture with Oak View Group (OVG) for Co-op Live, a new multi-purpose arena for 23,500 people in Manchester.
Under the contract, citizens will invest in the new space, which will be located in the Etihad campus complex, where Etihad Stadium, home of Manchester City, is also located. Under the agreement, OVG and CFG will work together to make Campus Etihad a global destination for sport, leisure and entertainment. Who is also part of the co-op management company is singer Harry Styles, who in October 2020 bought a minority stake in the company.
Construction work began on Co-op Live, which will become the UK’s largest entertainment arena, earlier in May, after the project was approved in September 2020. It is estimated that over 2,000 people will work on the site during its three-year construction period The phase, which includes most of the total 3,350 jobs that the project will create by 2023.
“We are excited that CFG has chosen to invest in Co-op Live, and we cannot think of a better partner for this project. We are creating one of the best plazas in the world in Manchester. This place will push the boundaries of live entertainment and be an important source of opportunity for the city.” Said Tim Lewick, Partner Founder and CEO of OVG: “We also know this is the exact time to make such a major financial investment in Manchester, helping it recover from the terrible impact of COVID-19.”