A new financing deal has been secured for the £365m Co-op Live Arena which is being constructed in the shadow of Manchester City's Etihad Stadium.
Los Angeles-based Oak View Group (OVG) is leading the scheme alongside City Football Group (CFG) while musician and actor Harry Styles is also an investor.
The 23,500-capacity venue is set to open in late 2023.
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It has now been confirmed that OVG and CFG have closed and funded a 27-year senior secured note and five-year senior secured credit facility for the venue.
The groups said the private non-recourse financing is the first for a music-focused live entertainment arena without a professional sports anchor tenant.
Apollo Global Management and Barings, through their respective clients and managed funds, provided the 27-year senior secured note. J.P. Morgan provided the 5-year bank loan.
Inner Circle Sports served as placement agent on the long-term portion of the financing.
The balance of the funding towards the construction has been provided by Co-op Live’s shareholders.
Francesca Bodie, president of business development, Oak View Group, said: "We’re proud to have closed this pioneering financing to help fund the development of Co-op Live, which will deliver one of the world’s best arenas to Manchester.
"It shows the confidence in our business model and ability to deliver on a robust, year-round calendar of unparalleled music and other content."
