London set to benefit from new entertainment arena boosting economy and Olympic ambitions

A major new entertainment arena is being proposed for London, with the aim of bolstering the city’s cultural and economic appeal. Tim Leiweke, chief executive of Oak View Group, has expressed plans for another large-scale venue, following his success in transforming the Millennium Dome into The O2, which is now considered the most successful arena in the world.

Speaking to The Times, Leiweke emphasised London’s position as the “biggest and best music market in the world.” The proposed arena would be located in the north or west of the city, providing a more convenient option for residents than The O2’s location in Greenwich. Hammersmith is one of the areas under consideration for the project.

This announcement aligns with the city’s ambitions to host the 2040 Summer Olympics. According to Leiweke, world-class arenas play a pivotal role in securing major global events. He cited Los Angeles, which will host the 2028 Olympics, as an example of how such infrastructure strengthens a city’s bid. With London harbouring Olympic aspirations once again, the addition of a state-of-the-art venue would be a strategic advantage.

The new arena would enter a competitive landscape as existing venues like The O2, with a capacity of 20,000, and the OVO Wembley Arena, capable of accommodating 12,000, already serve the capital. However, plans for The Sphere arena in Stratford, which would have hosted 21,000 attendees, were recently scrapped due to community objections and concerns over light pollution.

Leiweke, whose Oak View Group has built multiple high-profile arenas in locations such as New York and Manchester, remains optimistic about London. The company’s Co-op Live arena in Manchester, which opened last year, contributed £455 million to the UK economy within its first year of operation, demonstrating the wider economic impact such venues can deliver.

He acknowledged that bringing an arena project to fruition in the capital would take longer than elsewhere but said the effort would ultimately prove “worth it.” The project aligns with London Mayor Sadiq Khan’s vision to attract global events and make London a central hub for cultural and sporting excellence.

The focus now shifts to identifying a suitable site for the new arena and navigating the planning process to ensure it meets the expectations of both residents and stakeholders in the capital.