Virtus Bologna to enter new arena on a 20-year lease / News - Basketnews.com

Virtus Bologna's new arena in the Fiera District of Bologna is expected to open towards the last months of 2024. However, contrary to initial estimates, the Italian club will be renting the new installation instead of owning it.

Credit: Virtus Segafredo Bologna Credit Virtus Segafredo Bologna

The new Segafredo Arena, the facility that will take the place of the gym where Virtus Segafredo Bologna's activities are currently being hosted, will be rented by the Italian club. As reported by Corriere di Bologna, the club led by Massino Zanetti will not take part in the construction of the new arena.

In fact, Virtus Bologna will sign a rental contract with the the Fiera di Bologna, the business district of the city that covers 375,000 square meters of indoor and outdoor areas, for an estimated duration of around 20 years. Consequently, Virtus Bologna will not be the owners of the installation that's expected to be ready until the end of 2024 (possibly November).

The project will cost around 55 million euros. However, the renting option seems to be able to satisfy everyone, given the fact that the Fiera will be able to count on a pretty standard income for the next twenty years. At the same time, Virtus will have a modern and state of the art facility at its disposal.

Credit Virtus Segafredo Bologna

The project will also draw on loans from the European Investment Bank, which will grant a long-term loan (possibly up to a period of 30 years), able to cover half of the total cost. The statute of the EIB itself, however, provides that loans are granted only to private individuals for works serving the city.

Per Corriere's report, the EIB will therefore have to express itself on the legal nature of Bologna Fiere, an opinion that is expected by the end of August. Once the issue related to the corporate structure has been resolved, construction works can start and are expected to last for about a year.

The arena will have 10,000 seats and will also function as a multi-purpose venue. Exhibitions, conferences and concerts could extend the maximum capacity to 12,000 seats.

Credit LiveMedia/Simone Lucarelli / ip

On the other hand, Segafredo, a company owned by Virtus president-owner Massimo Zanetti, has been exempt from the commitment to finance the construction of the facility, but it's likely that it retains the naming rights to the arena through a sponsorship deal.

Zanetti has guaranteed his commitment to the club for the next three years, even though Virtus' budget for the 2023-24 season has been reduced by 20% to comply with the EuroLeague's Financial Fair Play regulations.

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