Arena 3.3 funding links surface again as Vantaa mayor stands firm

Vantaa’s mayor Pekka Timonen said the city will not reconsider its role in the Arena 3.3 project after Yle revealed that some financiers have ties to suspected fraud cases in the United States.

Yle’s investigative unit MOT reported on Wednesday that financiers behind the planned 200-million-euro indoor arena in Kivistö have connections to extensive suspected fraud schemes and lack evidence of successfully completed large-scale projects.

“The financing is the project’s own matter,” Timonen told Yle. “Nothing has changed that would prevent the project from moving forward.”

The city of Vantaa is not a shareholder and does not provide financial support for the arena, he said. Its role is limited to leasing the land on which the venue would be built. The project has already signed a land-lease agreement and paid rent on schedule.

Timonen said the city had reviewed the financiers’ backgrounds and was aware of some of the issues raised by Yle. He noted that one individual highlighted by the report is not listed in the city’s review because that person is not an owner or operator of the Finnish project company.

“We have asked the project for further details this morning and will review them,” Timonen said. “But financing and related arrangements remain the project’s responsibility.”

The project has already submitted a building permit application, which is under review. If approved, construction could begin this autumn, with completion targeted for late 2028.

The 20,000-seat Arena 3.3 would be Finland’s largest indoor event venue and include a 310-room Marriott hotel.