The new owners of the Helsinki Halli arena opened the facility's doors for the first time in nearly three years to members of the media on Monday.
The arena's new owners, Finnish real estate company Trevian Kasvu, announced on Monday morning that it had finalised a sale agreement initiated last November.
The fate of the facility's future had been in limbo since 2022, due to sanctions on its previous owners.
The arena has not been used since April 2022, when Finland's National Enforcement Authority confiscated the holdings of Russian-Finnish oligarch Gennady Timchenko — who was a major owner of the facility — due to his placement on an EU sanctions list.
Timchenko and Russian-Finnish businessman Roman Rotenberg held 44 percent of the arena's holding company Helsinki Halli, but their voting power in the firm was nearly 93 percent.
Due to the sanctions rules, transferring ownership of the arena required changes to EU sanctions legislation as well as regulatory approval from Finland. Earlier this month, it was announced that the National Enforcement Authority had granted final permission for the deal.
The transaction hinged on the purchase price being placed in the hands of Finnish authorities "for the duration of the EU sanctions", according to a Trevain press release issued on Monday
"The negotiations lasted more than two years and proceeded in a spirit of cooperation. Despite the challenging circumstances, all parties shared the common goal of bringing Helsinki Arena back into operation," Reima Södervall, the CEO of Trevian Asset Management said in the release.
"The business environment for this transaction was challenging due to the EU sanctions legislation and the national Enforcement Code that had to be carefully considered. The broader real estate market slowdown has also stalled many transactions. A wide network of authorities was involved in the process, which required expertise, problem-solving skills, and perseverance," Södervall's statement continued.
According to Trevian, reopening the arena will help boost the city's tourism and restaurant sectors.
According to the arena's new principal owner, Heikki Viitikko, the arena's new name will be announced later, but there are plans to retain the term 'arena' in its title.
Viitikko said the facility plans to host a diverse range of cultural and sporting events, with special attention paid to major international occasions.
According to CEO Södervall, around 10 people had worked to maintain the facility during its extended break from use.
During Monday's event at the facility, Viitikko said the workers took good care of the arena.
Jesse Ranta, security chief at Helsinki Halli, told Yle that the facility had been maintained to the extent that was possible.
Ranta said workers were able to continue critical maintenance at the arena with the use of back-up power, after electricity was cut off last autumn.
CEO Södervall added that the company is exploring other locations in Finland for "multi-purpose arena projects that can benefit local economies and cultural offerings".
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