Plans to build UK’s largest arena in london revealed by Co-op live owner
The live entertainment giant behind Manchester’s Co-op Live arena has unveiled ambitious plans to build up to two new state-of-the-art arenas in London, in what would become the UK’s largest and most expensive entertainment venue project to date.
Oak View Group (OVG), the global sports and entertainment company that co-owns Co-op Live alongside City Football Group, is exploring a significant £1.5 billion investment into the capital, with plans for at least one, potentially two, new arenas.
Speaking exclusively to City AM, OVG chief executive Tim Leiweke confirmed London remains a “high priority” for the firm’s future expansion, underlining the city’s status as an essential entertainment hub.
“We certainly think London will have to be bigger, better, and more expensive,” Leiweke said. “It’s London, and things cost more down there. We get it. I would place a fairly aggressive bet that we have another arena or two in us in the UK in the near future.”
Leiweke suggested any new London venues would surpass the £450 million Co-op Live in Manchester, which currently holds the title as the UK’s largest indoor arena with a capacity of 23,500. In comparison, the O2 Arena in London holds 20,000.
These plans follow the failed attempt by Madison Square Garden Company (MSG) to build the MSG Sphere London. The controversial project was halted earlier this year after London Mayor Sadiq Khan rejected the scheme. However, Leiweke believes OVG’s experience and community-focused approach will help navigate the complex planning system.
“We are not looking to light up the night sky like an airport runway,” Leiweke remarked, in a pointed reference to criticisms levelled at MSG Sphere’s proposed illuminated exterior. “We understand our neighbourhoods and have honoured our commitments at Co-op Live, where we’ve built trust with the local community.”
Leiweke also confirmed that OVG is currently considering a possible site in Hammersmith, which he argued is currently underserved by existing venues.
The Co-op Live owner remains bullish about the UK market despite recent economic headwinds, including the lingering impact of Brexit, inflation, and additional costs associated with doing business in Britain. “We’ve never blinked in our commitment to the UK during Covid, during Brexit, and during the difficult early days of Co-op Live,” Leiweke insisted. “We are doubling down, tripling down. We feel very bullish. This is a good place to do business.”
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Leiweke’s optimism comes as OVG marks the publication of a report by consultancy Lichfield, which highlights Co-op Live’s significant economic impact since its construction began in 2021. According to the report, the arena has delivered a £785.5 million boost to the UK economy, with a total turnover of £1.3 billion and a gross value added (GVA) of £455.5 million in its first year of operation.
Despite its impressive economic contribution, Co-op Live endured a turbulent launch, with multiple delays leading to the resignation of former boss Gary Roden. Initial performances, including comedian Peter Kay’s headline opening, were postponed amid construction and power supply issues. Since its eventual opening, however, the venue has hosted major acts such as Paul McCartney, Elbow, and Liam Gallagher.
Commenting on Co-op Live’s rapid ascent, Greater Manchester Mayor Andy Burnham said the venue has “exceeded expectations”, while Business Secretary Jonathan Reynolds hailed it as a showcase of the UK’s “huge potential” in entertainment and creativity.
As OVG pushes forward with its ambitious vision for London, questions remain over potential partners. Leiweke confirmed the company will bring local investors on board, teasing that football legend David Beckham could even be involved, given their longstanding relationship.
“It’s early days, but we will have partners in London. We always do,” he concluded.
