Selänne explores renting Helsinki Arena amid financial troubles for arena management

Teemu Selänne, the Finnish ice hockey legend, has expressed interest in renting the Helsinki Arena, according to two independent sources speaking to STT. Discussions regarding the lease of the arena have reportedly taken place. The Helsinki Arena is managed by Helsinki Halli Oy, which is primarily owned by Arena Events, a company linked to Russian oligarchs Gennadi Timchenko, Arkadi and Boris Rotenberg, and the latter’s son, Roman Rotenberg. All but Roman Rotenberg are subject to EU sanctions imposed due to Russia’s invasion of Ukraine.

Since the onset of the war in Ukraine and the ensuing sanctions, the Helsinki Arena has remained largely unused for over two years. Selänne has not responded to requests for comments on his intentions. Kai Paananen, a board member at the arena management company, declined to comment specifically on Selänne’s plans but acknowledged ongoing discussions about the arena’s use.

Following Russia’s large-scale invasion of Ukraine in early 2022, Jokerit, a KHL team with Russian ownership, withdrew from the league. Selänne aimed to take a leading role in reviving Jokerit and moving the team back to the Finnish league, but those plans did not materialize, and he is not actively involved in the team’s current operations.

In December, the EU renewed an exemption allowing sanctioned individuals to sell their shares in EU-owned companies within six months. Although this deadline ended in June, Paananen stated that sellers still view share transactions as possible. Meanwhile, Foreign Minister Elina Valtonen introduced a potential sale of the arena’s property rights, emphasizing that any sale would require voluntary participation from the sellers. If such cooperation is not found, compulsory acquisition remains an option, although it may require legislative changes.

Recently, Helsinki Halli has reportedly faced significant financial difficulties, leading to insolvency, with unpaid bills amounting to hundreds of thousands of euros, including a substantial land lease owed to the City of Helsinki. Despite having funds, the current sanctions hinder bill payments. Arena Events and over 500 minority shareholders, including the Finnish Ice Hockey Association and various Finnish businesses and individuals, are also involved in the situation.