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Cardiff Council said a Live Nation-led consortium, which includes venue operator Oak View Group (OVG), has been selected as the preferred bidder to deliver a new 15,000-capacity indoor arena in Cardiff.

It said the venue will cost around £150 million to build and will attract more than one million visitors and an estimated £100m into the local economy each year. The arena is part of a £500 million redevelopment project of the Cardiff Bay area.

Live Nation already runs the 7,500-capacity Motorpoint Arena Cardiff. The company said last year it would cease to operate the venue if its bid for the new facility was successful.

The council said the new 12,000-seat arena will be one of the most environmentally friendly venues of its type in the UK, and that 2,000 jobs will be created during its three-year build programme and, once up and running, it would sustain another 1,000 direct jobs and a further 600 in the local economy.

Live Nation, Oak View Group and Robertson said in a statement, “Our combined experience in the delivery and operation of facilities of this nature will result in a world-class facility that will bring economic benefits to the entire region, both during its construction and for many years to come once it’s open.

“In 2021 we will embark on the next phase of the planning process which will provide the wider community the opportunity to see our exciting proposals for the site.”

Cardiff Council leader Huw Thomas said the private sector will coverer the “lion’s share” of the costs and take the vast majority of risk associated with delivering the project: “The Council’s capital commitment will be less than 15% and could be significantly lower by the end of the process, and instead we will use the strength of our covenant to enable our partner to access funding at a more affordable rate.”

OVG has won planning permission to build the 23,500-capacity Co-op Live arena in Manchester. Alongside OVG and Live Nation, the consortium also includes property firm Robertson.