What bosses behind plans say

ARENA applicants OVG claim the venue could be worth over half-a-billion pounds to Manchester’s economy over 20 years – and estimated two arenas in Manchester would generate up to £1.5bn of additional economic activity over the same period.

Bosses say reports they have commissioned ‘show that Manchester’s economic and cultural strength supports two successful arenas’ and that ‘even the most conservative growth forecasts see a new arena succeeding without undermining the viability of the Manchester Arena’.

The company has produced an economic impact and market assessment document which predicts a ‘conservative’ 750,000 extra ticket sales and a ‘potential to double the number of events taking place in the city’.

OVG said its studies showed two arenas ‘in a single or overlapping catchment allow a more diverse offer in events than Manchester can currently deliver’. It said: “The new arena would enable Manchester to host a wider variety of event formats than is currently possible, including franchise teams for indoor arena sports as well as international tournaments, eSports and Arena Festivals.

“For the purpose of this assessment, and in line with industry forecasts, it is acknowledged that the effects of Covid-19 will adversely impact growth in the short term. In the medium term, however, the UK arena market, and Manchester as a city region, is well placed and fully expected to have recovered by the arena’s planned opening in 2023.”