Finnish authorities confiscate stadium from two Russian oligarchs for debts

The Finnish authorities are going to seize the largest indoor stadium in Helsinki, Helsinki Halli (formerly Hartwall Arena), owned by Russian billionaires Gennady Timchenko and Roman Rotenberg.

Source. This was reported to Helsingin Sanomat by the mayor of the capital, Johan Vartiainen, The Moscow Times reports.

According to him, the company of the sanctioned businessmen did not pay the last installment of 100 thousand euros for the lease of the land on which the arena is located. The money was supposed to be transferred in mid-July.

Until then, the city authorities could not forcefully change the owner of the facility, as the rent for the land and real estate tax were paid on time. The next payment is due in mid-October. If the authorities do not receive it, the arena can be seized for further sale.

The mayor expressed hope that the stadium will have a new private owner, as sanctions against the current owners have kept it idle since April last year, when bailiffs froze the right to own the facility.

Helsinki really needs a large arena, as the city lacks space to host large concerts and sporting events. Earlier, the city administration proposed to change the legislation so that the stadium could be used again for its intended purpose.

Vice Mayor for Culture Paavo Arhinmäki said that the authorities should be allowed to "take over the management of the arena."

The mayor supported the idea, noting that the government should consider such an option "because Russia is also aggressively seizing Western assets."

Finnish Foreign Minister Elina Valtonen emphasized the importance of the process being legally legal.

Helsinki Halli has a capacity of 15,500 spectators. It was built in 1997, and the land under it belongs to the municipality. Rothenberg and Timchenko became the owners of the arena in 2013, having bought it as the home stadium of the Finnish hockey club Jokerit. Formally, it belongs to their company Arena Events Ltd.