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

By  |  March 22, 2012

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.

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

 

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