A PYMNTS Company

Commission to probe public financing of planned arenas in Copenhagen and Uppsala

By  |  March 22, 2012
Commission to probe public financing of planned arenas in Copenhagen and Uppsala

The European Commission has opened two separate in-depth investigations into public financing of planned arenas in Copenhagen and Uppsala, as it harbors doubts that financing could not be found by private actors.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The Commission received two complaints for the Copenhagen arena financing, which is accomplished through the City of Copenhagen, Realdania (a private foundation), and By & Havn, which is providing a free right to use the land on which the area is to be built. By & Havn is owned by the City of Copenhagen and the Danish State. The owners of the arena are to be chosen through an open tender.

    The Uppsala arena is financed through a direct grant by the municipality. Uppsala will receive an option to purchase the Property Company, which owns the arena. The arena is to be built on land owned by the municipality; it will thus enter into a site leasehold agreement with the Property Company, as well as a lease agreement with the Events Company, the arena operator. The Commission will be examining whether a new arena needed to be built, given the possibility of renovation.

    Full content: EC Press Release

     

    Related content: The State Aid Action Plan: A Bold Move or a Timid Step in the Right Direction? (Frederic Jenny, ESSEC Business School)