Helsinki-halli, once known as Hartwall Arena, has finally found its new owner after long negotiations and uncertainties surrounding its future. Confirming the sale was Kai Paananen, representing Russian oligarch Gennadi Timtšenko, marking the end of one chapter and the beginning of another for the iconic venue. The buyer is Trevian Kasvu LP, which includes numerous Finnish investors, including prominent figures such as Reima Södervall, the CEO of Trevian Asset Management, and Heikki Viitikko, the former owner of the Finnish hockey team Jukurit.
Paananen expressed optimism, stating, "I can confirm the deal. It's certainly going to be suitable for everyone, and it's a good solution for the home arena." Up until now, Helsinki Halli Oy, the company behind the venue's operations, was controlled by Arena Events Oy, which had significant stakes held by Timtšenko and other Russian magnates, including Arkadi, Boris, and Roman Rotenberg. This change of ownership involves the sale of C-series shares, which account for 44.98% of the company's share capital. The contracts have been signed, and all parties have agreed on the details.
Despite the agreement being completed, several regulatory approvals remain necessary before the deal is finalized. Crucially, the sale requires exceptions from the European Union due to sanctions against the oligarchs. Authorities within Finland, particularly the Ministry of Foreign Affairs and the Enforcement Authority, will play key roles in the process. Paananen remarked to Iltalehti about the complexity involved: "We have been working to push the deal forward continuously, but due to sanctions and other factors, the process has been complicated. The approval process is still on the table, and we hope the buyer gains community support to finalize the deal."
Finnish Prime Minister Petteri Orpo and other government leaders have publicly supported these approval processes, yet the exact timeline remains uncertain. Documentation related to the sale has been submitted to the Ministry of Foreign Affairs for review.
The sale of Hartwall Arena, which was closed shortly after Russia's invasion of Ukraine, has been challenging. The city of Helsinki has continually sought to find a private owner for the arena, struggling to make progress with negotiations involving Russian stakeholders. According to reports, attempts made by private parties to purchase the arena have not yielded the desired outcomes. The city has been attempting to initiate constructive discussions about acquiring shares and property rights to the venue without success.
Profoundly affected by sanctions, the Russian-owned company has faced financial difficulties. Maintenance of the arena has been neglected, leading to fears of deterioration. Parts of the building have reportedly been without electricity and heating for over two months, highlighting issues faced by the tenants, including the Jokerit hockey team. Mikko Saari, the chairman of Jokerit, expressed concern over the building’s condition: "While there wasn't water on the floors, you can definitely tell the place isn’t being used. It has begun to smell bad and musty inside."
Juha Vinha, a professor of building physics at the University of Tampere, confirmed these concerns, indicating the humid autumn weather could cause mold and microbial growth, which would harm the structure and lead to unpleasant odors.
Assuming the purchase goes through, the future of the arena looks promising. Trevian’s Södervall indicated to Kauppalehti the first events could be planned for next summer. "We envision producing diverse sports events as well as concerts and cultural activities, maintaining the tradition of multi-use for the hall. Expectations are high," he noted.
While it is still necessary to sift through regulatory hurdles, Södervall reassured the public and stakeholders of their commitment: "We are actively discussing how to handle this legally and which contractual terms can currently be accepted under the current sanctions regulations." Trevian is bullish, believing the arena can be operational again soon, pending all necessary permissions are granted.
The transition from Russian oligarch control to Finnish ownership brings hope for the long-term viability of Helsinki Halli. Early engagement with stakeholders suggests the community is eager to see the venue revived as a thriving hub for sports and entertainment. With the arena being dormant since February 2022, many will celebrate returning events and activities.
For now, preparations are ramping up for the anticipated reopening. Trevian is poised to preserve the arena's legacy by offering events similar to those previously hosted, catering to hockey enthusiasts, cultural fans, and beyond. "The aim is to restore the venue and return all the sports events, including hockey, esports competitions, and various concerts we witnessed before it closed," articulated Södervall.
While challenges lie on the road ahead, including securing final regulatory approvals and addressing the arena's condition, the optimism surrounding this sale points to brighter days for Helsinki Halli, promising local fans memories of excitement and entertainment at the heart of Finland's capital. The saga of Hartwall Arena, now Helsinki Halli, as it transitions through ownership and operational adjustments, stands as more than just business; it suggests hope for revival amid adversity for community spaces deeply woven within the cultural fabric.