Sanctioned Russian billionaires agree to sell Helsinki indoor arena, though Finland will keep proceeds

The Russian billionaires who owned the Helsinki Halli indoor arena in Finland have agreed to sell their shares in the facility’s managing company, reports Helsingin Sanomat. The owners included Gennady Timchenko and three members of the Rotenberg family. The stadium’s buyer is the investment company Trevian.

The arena’s price has not been disclosed, but Helsingin Sanomat previously estimated its value at 60 million euros ($63.3 million).

The deal still requires the approval of Finnish and E.U. authorities, though officials are expected to sign off. The proceeds from the sale will be placed in a special account controlled by the Finnish government and held there until European officials lift sanctions against Timchenko and the Rotenbergs.

Helsinki Halli has been unused since March 2022 due to E.U. sanctions against the arena’s Russian billionaire owners. As a result, the building has fallen into some disrepair, losing electricity in September 2023. 

In early November 2024, the Helsinki Mayor’s Office kickstarted the arena’s sale by threatening to request its expropriation if the owners didn’t find buyers within two months.