Another Sports Complex Sold in Downtown Yerevan, Acquired by Buyer of Spartak Complex

A sports complex located in downtown Yerevan, near the Victory Bridge, has been sold. According to Hetq, the complex was purchased by Eco Petrol LLC, which is the buyer of the Spartak sports complex.

The facility, built during the Soviet era next to the Metropol hotel, belonged to the 'Work' sports company. It was one of four sports structures in Soviet Armenia. Later, all the sports facilities were merged to form the Spartak sports union, which was subsequently renamed the Armenian Sports Public Organization.

All sports complexes were transferred to the ownership of the Armenian Sports Public Organization. The complex, located at 18 Tsakhi Street in Yerevan, houses wrestlers and boxers. The Armenian Sports NGO has reported that groups for Greco-Roman and freestyle wrestling, as well as boxing, have been established here, each consisting of over 200 students and 8-10 coaches.

The wrestling and boxing complex was constructed in 1960. It occupies a land area of 3,676 square meters, primarily consisting of the complex building and adjacent structures. The Armenian Sports NGO sold the complex in August 2022. It was acquired by Eco Petrol LLC, which had previously purchased the oldest sports facility in Yerevan, Spartak.

In both cases, the ownership transfer was not conducted through a competitive bidding process. The Armenian Sports NGO directly sold the property to Eco Petrol LLC. However, prior to the acquisition of the complexes, Socratic Petrosyan, the president of the Armenian sports organization, welcomed businessman Arsen Hovhannisyan into the organization’s presidency, solidifying his position within the presidency. Following this, the Spartak and Work sports complexes belonging to the Armenian Sports NGO were sold to Eco Petrol LLC, founded by Arsen Hovhannisyan's son, under preferential terms.

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