Quite accurate estimates have been made of the previous purchase price.
The former Hartwall arena sticks empty in Ilmala.
The decision-making power of the multi-purpose hall, now known as the Helsinki Hall or the arena in Ilmala, has been vested in the Russians. Gennady Timtchenko and Roman Rotenberg.
How many legends Teemu Selänne however, he said he had found a gang willing to buy the former Hartwall arena for himself.
How much would your Back and his friends – or possibly some other willing outfit – have to dig into the hall to buy a hall?
According to IL’s report, the hall could theoretically be on sale in relation to the previous purchase price.
Voting power in Russia
Due to sanctions, it is not known to buy a hall at the moment, but if there is a change in the situation, the interesting question is what kind of money will be in the hall’s trade.
The Hartwall Arena was opened in 1997 and its construction costs were reported at FIM 300 million. According to Statistics Finland’s monetary value converter, FIM 300 million in 1997 corresponded to about EUR 71.9 million in 2021.
However, the value of the Helsinki Hall is most likely not close to EUR 70 million.
The father of the multipurpose arena Hjallis Harkimo traded in the then Hartwall Arena in the summer of 2013. Today, Timtšenko and Rotenberg own all 2,993 Series C shares in the holding company. They represent 44.98 percent of all shares in the holding company but entitle to more than 90 percent of the voting rights.
The book value of these shares in the financial statements of Timtchenko and Rotenberg is slightly more than EUR 38 million.
Teemu Selänne made the exit and revealed that he was interested in the former Hartwall arena. Tomi Natri / AOP
A look at the holding company
Experts interviewed by IL estimate that the said book value of around EUR 38 million gives a fairly precise indication of what the Russians have paid for their holdings.
However, it is not possible to say at the book value at what price the important C shares would move now if Tymoshenko and Rotenberg suddenly reached the negotiating table.
Anonymous experts point out that the purchase price is always an agreement between the parties. In Finnish, the current circumstances and the parties’ negotiation skills affect whether the purchase price is higher or lower than before.
The focus is on the financial information of the holding company Helsinki Halli oy.
Good business?
The multi-purpose hall is located on a leased plot, for which, according to the financial statements, a 50-year agreement has been made with the City of Helsinki, even ending in 2045. The rent is paid annually by the management company to approximately EUR 350,000.
Helsinki Halli oy’s net sales fell to 10–11 million after the summer of 2013, with the exception of the financial year 5/2017–4 / 2018, when net sales were 13 million.
With the Korona, turnover naturally collapsed, until with Russia’s war of aggression against Ukraine, the hall fell completely silent.
In April 2021, the holding company had cash of EUR 7.3 million and would be able to pay off its debt.
However, according to the expert interviewed by IL, the return on equity has been weak. The right to dividend is held on C shares, but the company has not paid any dividends.
Competition has also intensified. In the event industry, Tampere’s Nokia Arena has become a competitor of Helsinki Hall.
For these reasons, among others, the multipurpose hall may be currently at a discount.
You can also become a part owner of the arena on paper, for example by buying a barn. The fences are sold online at a price of 248,000–438,000 euros. Holders of A shares have the right to manage the shares and one vote at the Annual General Meeting.