During the Russian Investment Forum in Sochi Vnesheconombank and PFC CSKA signed an agreement for the development of cooperation as partners.
On behalf of Vnesheconombank the document was signed by Chairman, Sergey Gorkov, and on behalf of the football club by its President Evgeni Giner.
The parties outlined the key terms for the adoption and promotion of a new name for the football stadium, VEB Arena.
“Vnesheconombank is tool for financial leverage for multiple infrastructural projects in our country, and we believe that such promotion of our brand, giving to CSKA Arena the name VEB Arena will create for all visitors of this sporting venue the correct association with the main mission of the Bank for Development”, said Sergey Gorkov.
Evgeni Giner noted that “VEB carefully and respectfully maintained traditions having arranged for construction of the stadium on the historical site. This is a long term project aimed at several generations of players and supporters. Our bank for development showed in practice how it invests in the development of infrastructure and future generations. We are glad that a bank this big will always be next to us on our home stadium.”
The decision that VEB would participate in the financing of the new arena construction was made by the Bank’s Supervisory Board in 2012. The total project value was USD 350 million with VEB's participation share amounting to USD 241 million. VEB regards this project as successful - the venue was erected on time and cost less than budgeted. Moreover, due to a considerable reduction in the construction costs the savings achieved are 40 million US dollars (originally, the bank was to lend USD 280 million).
The stadium meets all requirements by UEFA and FIFA. The first competitive game that PFK CSKA had on the new home arena was on 10 September 2016. The stands are marked with four letters present in the name of the club: C, S, K and A. Apart from standard and luxury seats, the arena has over one hundred of VIP boxes intended for 12-18 persons.
The modern complex built on the site where the old arena used to be, in the 3rd Peschanaya street comprises, besides the sporting part, a 38-storey office tower, a hotel and two administrative buildings. The stadium will accommodate the club's first ever museum. It will feature both modern trophies and different exhibits dating back to the Soviet period.