Oak View Group (OVG) is to lead the construction and operation of a new arena in the city of Vienna following an 18-month bidding process.

OVG was identified as the ‘best bidder’ for the €384 million (£328m) arena, which will have a minimum capacity of 20,000. The next phase of the award process will include planning, zoning, and environmental impact assessments for the project before the contract signing later this year.

The City of Vienna launched the planning process for a new arena in 2019, with the aim of creating a venue for European music tours, major sporting events such as the ERSTE Bank ATP 500 tennis tournament which already takes place in the city, and other event formats.

OVG CEO Tim Leiweke said, “Vienna is a capital market that deserves one of Europe’s top entertainment arenas. As the gateway between Western and Eastern Europe and again ranked as the world’s most liveable city this year, it needs an arena that can attract the world’s best events.”

Francesca Bodie, president of business development and lead negotiator on behalf of OVG said, “We have huge admiration for the City of Vienna for having the vision to deliver continental Europe’s best arena, as well as the initiative to find a partner with a proven record of delivering outstanding new arenas that minimise the cost to taxpayers and prioritize innovation and sustainability.”