Barsento, a joint venture formed by Live Nation, Oak View Group (OVG), and Atlético de Madrid, alongside the Mayor of Madrid, José Luis Martínez-Almeida, today presented plans to transform the former Olympic Aquatic Center in the Spanish capital of Madrid into a multifunctional complex dedicated to sports, entertainment, culture, and education.

The project will provide Madrid’s northeastern area, what is known as the San Blas-Canillejas district, with “an innovative and distinctive offering for sports, leisure, and culture, open to the public and designed to complement and reinforce the city’s ongoing urban transformation,” according to today’s announcement.

The finished complex, projected to be completed towards then end of 2030, will feature three major facilities, including a 20,000-plus capacity music-first arena dedicated to music and cultural shows, giving the Spanish capital a second major concert arena next to Movistar Arena, which also boasts a capacity of 20,000.

The finished complex will also feature a sports center featuring indoor and outdoor pools for up to 9,000 users, as well as an educational campus for more than 2,300 students offering higher education and vocational training through the UAX Educational Group, which owns the private university Universidad Alfonso X el Sabio, the academic partner of Atletico Marid soccer club.

“Programs will include degrees in health and sports management, developed in collaboration with Atlético de Madrid, as well as management and technology applied to the music and entertainment industry, in partnership with Live Nation,” according to the announcement.

Barsento presented a private initiative to the City of Madrid aimed at regenerating the Aquatic Center building, an unfinished infrastructure with enormous transformative potential for the city in January 2025. The proposal was analyzed by the city council, which validated its general interest, urban planning compliance, and economic feasibility.

Subsequently, it was subjected to public consultation, with no alternative proposals received. Finally, city council decided to hold a public tender, to which Barsento submitted a proposal that has now been awarded – giving the joint venture the land concession for the municipal plot in the so-called “Parque Olímpico Sector Oeste” (Olympic Park, West Sector) area, covering 66,843 square meters with a buildable area of 90,000 square meters.

Construction work is said to begin shortly, with a completion timeline extending until the end of 2030. “Once finished, the complex will open its doors as a world-class infrastructure that will solidify the San Blas-Canillejas district as a reference for sports, leisure, and entertainment in Madrid.

“This will complete the urban development initiative surrounding the Riyadh Air Metropolitano stadium, which also includes the Ciudad del Deporte project, transforming a once-lost Olympic initiative into an opportunity for growth and revitalisation for the people of Madrid and the district,” the announcement states.

Miguel Ángel Gil, CEO, Atlético de Madrid said: “We have spent nearly 15 years looking for a way to bring this site to life, convinced that it could become the city’s finest leisure and entertainment destination. Today we can say that we got it right, because the key has been finding truly complementary activities that will generate real value for the district. Having a music arena alongside Live Nation and OVG, a university and vocational training campus of the calibre of UAX, and the sports facilities that GOfit will bring, fills us with pride. This project is the result of years of tenacity. Atlético de Madrid has acted as a great integrator, bringing together efforts and ambitions around an investment of 400 million euros, and finding the pieces that complement and strengthen our Ciudad del Deporte. Thank you, from the bottom of our hearts, to everyone who has made this possible.”

Pino Sagliocco, President, Live Nation Spain added: “The project is a turning point for the city, reinforcing its position as a global music capital. It creates a new cultural hub for Madrid, expanding how and where audiences can experience live music, while reflecting the city’s role as a bridge between Europe and Latin America. With an open, inclusive and diverse creative vision, it will also provide artists with an exceptional environment to connect with their fans.”

Chris Granger, CEO, Oak View Group commented: “Madrid is one of the premier destinations for live entertainment on the planet. We at Oak View Group believe that a new world-class arena can be transformative for Madrid and the broader region. This venue is designed to become the central hub of a multifunctional project, capable of attracting global talent, boosting tourism and creating new opportunities for local businesses, while driving long-term economic impact. Together with our partners, we are committed to creating unforgettable experiences for fans, artists and the broader community.”