If it's not sold after 3 auction rounds, Spaladium Arena will be offered for 1 kuna
Assembly of creditors decided on March 14, 2016, that Spaladium Arena (owned by TPN company which is in receivership) will continue with its business operations. Evaluation of real estate and movables is currently under way, and once it is completed next month, it will be announced how much the Arena will be offered for in the first auction round. In case it is not sold, Spaladium Arena will be offered at a starting price of one kuna as the last resort.
Administrative receiver Perica Mitrović doesn't believe that it will come to that point because the intention is to end the receivership procedure as soon as possible and not to sell the property for 1 kuna.
The "good side" of the Arena
Receivership procedure commenced back in 2014 and the total debt of TPN is now over 600 million kuna, most of it are claims and loans by banks that financed the construction of the Arena and sued the city of Split to the tune of 53 million Euro.
Mitrović claims that Spaladium has been making money but it does not have he financial strength to cover all running costs such as the insurance and utility fees. The decision to reopen Spaladium Arena was made after the court-appointed expert estimated that more than 17 million kuna would occur in equipment damage alone if it stayed closed so all the creditors agreed it should continue with its normal operations.
Unfinished part of the arena
Until the final decision to sell the Arena is made, land registry papers have to be regulated, since, currently, construction rights are only registered for the 15 000 square metres of the actual Arena and not for the additional 15 000 square metres of the so-called „courtyard“ where a business tower was supposed to be built. Without the tower and construction rights on the rest of the land, investment would not be feasible.
