The retractable stands in the O2 arena were damaged by the mass jumping of fans

Prague - The owner of the O2 Arena in Libeň, Bestsport Arena, invested more than double its annual operating profit into renovations ahead of this year’s hockey championship, totaling over 150 million crowns. The largest part went to repairs of the retractable stands, which had been damaged in previous years by the mass jumping of fans, said company spokesperson Oldřich Babický to ČTK. The construction work lasted two years.
    "In addition to regular smaller operational investments, the largest amounts were directed primarily towards the reconstruction of the retractable stands. The designers did not anticipate that fans would be jumping on them with the well-known chant 'Who doesn’t jump isn’t Czech.' Therefore, the stands have taken a toll in previous years," Babický stated.
    After eleven years of operation, he noted that the lighting and sound system in the hall were also no longer adequate, so the owner had them replaced. The central kitchen was also renovated. "There was also a replacement of the turnstile reading heads, as well as a refurbishment of the elevators and replacement of the X-ray frames. Another significant investment of nearly 30 million crowns is the transformation of the skybox floor in the O2 Arena, which has gained a new exclusive VIP area - the Premier Club. The newly opened social space of nearly 1500 m² can accommodate up to 400 people," Babický listed further modifications to the Libeň hall.
    According to Babický, the bet on the wealthiest clients has paid off, as the occupancy of VIP spaces is reportedly at the highest level in history ahead of the World Hockey Championship. "The skyboxes and the club floor are practically sold out," Babický noted.
    Bestsport Arena was formed through the reorganization of the former owner and operator of the O2 Arena in Libeň, Bestsport Joint-Stock Company. The new owner and operator of the hall is thus not burdened by the original liabilities. The company, which was originally owned by sports associations just like Sazka, had been in insolvency since March 2011.
    The majority owner of Bestsport Arena is now the PPF Group of billionaire Petr Kellner. It acquired it at the end of 2013 as part of the division of assets with the KKCG Group after the bankruptcy of the lottery company Sazka.
    Bestsport Arena, whose main asset is the multifunctional O2 Arena in Libeň, saw its operating profit decrease to 70 million crowns two years ago from 100 million crowns in 2012, while revenues remained the same at around 400 million crowns. The company has yet to publish its results from last year.
    The construction of the arena, which lasted from October 2002 to March 2004, cost seven billion crowns, made more expensive by unfavorable loan financing. Due to debts associated with the construction of the arena, Sazka, which guaranteed loans and bonds, also went bankrupt. An expert assessment prepared by Ernst & Young a few years ago estimated the value of the multifunctional hall at 1.57 billion crowns.