Energy drinks giant Red Bull will expand its considerable involvement in the sports industry by funding and developing a new arena for Munich’s professional ice hockey and basketball clubs after the project was approved by the city's authority in Germany.
Red Bull, which owns and has naming rights to German Ice Hockey League (DEL) team EHC München, will drive the development of the new arena in the city’s Olympiapark.
The new 10,000-capacity facility will be developed on the site of Munich’s former velodrome, which is located near the current home of EHC München. Demolition of the existing facility could commence in the first quarter of 2015.
Bundesliga Basketball club Bayern München, which currently plays at the Audi Dome, is set to become a tenant in the new arena.
“In the coming months we will speak with Red Bull to establish how our professional basketball players will be integrated into such an arena,” Bayern president Karl Hopfner said. “Regardless of what happens, we will continue to train at the Audi Dome and it will also be the home of our youth teams.”
Councillor Verena Dietl, sports spokeswoman of the SPD political party, added: “Today's decision is for a number of reasons an important sign. Firstly, it shows that the Olympiapark remains a lively sports facility in Munich, and that the top sports in our city now and in the future will have a home.”