Yerevan’s Spartak football stadium, the second oldest football venue in Armenia, has new owners.

It was recently sold to an outfit called Eco Petrol LLC for five billion AMD (US$ 12.3M).

The stadium, along with its gym and surrounding annexes, will be torn down to make way for a new residential complex.

Tucked away on Agathangelos Street in downtown Yerevan, the stadium was used as the home venue of the Spartak Football Club formed in the 1930s. Gyumri’s City Stadium, opened in 1924, is older.

In 1992, following Armenia’s independence, the Spartak Sports Union, which oversaw the running of the stadium, was renamed the Armenia Sports Union, and was granted NGO status.

Eco Petrol has four shareholders. One is Arsen Harutyunyan, son of Standard Petrol owner Arsen Hovhannisyan. Another is Albert Yeritsyan, grandson of former Arabkir District Head Albert Yeritsyan. (The Yeritsyan family were major business players in Yerevan before falling out with the then ruling Republican Party of Armenia (HHK).

Since 2010, various Armenian governments shelled out 4.2 billion AMD in assistance to the Armenia Sports Union NGO under an “extracurricular education” program. 

Eco Petrol Director Zarineh Stepanyan says a new residential complex and modern sports facilities will be built on the grounds of the old stadium.

As to what the project will cost and where the money will come from, Stepanyan would only say funding will be sourced through loans and personal resources.