Christopher BarrettAtlético de Madrid is working with Oak View Group (OVG) and Live Nation to build a 20,000-capacity arena on the site of the former Olympic Aquatics centre in Madrid.
Barsento, the joint venture formed by Live Nation, OVG and Atlético de Madrid, said the venue will breathe new life into the unfinished Aquatic Center building, with the plan to transform it into one of Europe’s most significant multifunctional event complexes.
Mayor of Madrid José Luis Martínez-Almeida said the new venue would be a unique space that, together with the Ciudad del Deporte being developed by Atlético de Madrid, will hugely benefit the city: “This project will become a defining hallmark of Madrid and will give all its residents access to culture, sport and education in a world-class environment.
“Madrid is already a great music capital, and Live Nation’s commitment to investing and growing here is proof of that. Together with OVG, whose expertise and track record will be instrumental in making this venue a success, we have the opportunity to become a major global music hub.”
Construction work is expected to begin shortly, with a completion target date of 2030. The project is part of an urban development iproject involving the area surrounding the 70,000-capacity Riyadh Air Metropolitano stadium.
“We have spent nearly 15 years looking for a way to bring this site to life, convinced that it could become the city’s finest leisure and entertainment destination,” said Atlético de Madrid CEO Miguel Ángel Gil.
Live Nation Spain president Pino Sagliocco said, “The project is a turning point for the city, reinforcing its position as a global music capital.”
“This venue is designed to become the central hub of a multifunctional project, capable of attracting global talent, boosting tourism and creating new opportunities for local businesses, while driving long-term economic impact,” said Oak View Group CEO Chris Granger. “Together with our partners, we are committed to creating unforgettable experiences for fans, artists and the broader community.”