The deal means that the City of Helsinki can refrain from taking its own measures to rectify the situation, such as beginning the process of expropriation.
"From the beginning, the City of Helsinki's main goal has been a voluntary deal, so we are very pleased that one has been achieved after two years of ongoing negotiations. Now we are finally in a situation where the Ilmala arena is owned by a Finnish company and the venue can once again be used for events," said Helsinki Mayor Juhana Vartiainen.
Arena is important for Helsinki and the whole country
The arena in Ilmala has been closed since February 2022 due to sanctions imposed against the previous Russian-background owners, but now that the sale is complete, the venue can reopen. In December 2024, grounds for exception were added to the EU Sanctions Regulation that allowed authorisation to be granted for selling the arena's shares. National authorities granted permission to trade the shares in February 2025.
The centrally located facility is Finland's most important multi-purpose arena. It has been closed for three years, which has limited the possibilities of organizing sports events, concerts, and large corporate events in the capital. Taking the venue back into active use will have a significant impact on Helsinki and the whole country, not only for hosting large events and cultural happenings, but also in terms of the economy, the general appeal of Helsinki and Finland, as well as the recovery of the local service sector, especially the hospitality industry. The arena also serves as an important venue for several sports clubs.
