Karen Demirtchyan Sports and Concert Complex has new owner
Yerevan-based Karen Demirtchyan Sports and Concert Complex has a new owner. US citizen Dino Awadisian became the owner of the complex on September 1. On august 13, the Armenian government decided to sell the Complex for $30 million. In September 2005, the Complex was sold to Muradyan brothers, the founders of BAMO Holding, who paid $7,5 mln for the building. In November 2013, the government sued Karen Demirtchyan Sports and Concert Complex Ltd and demanded that the Company pay 10,2 billion drams [for not fulfilling its loan commitment]. A Yerevan court upheld the appeal and in May 2014, the property of the Complex was put up for auction. As no buyer turned up for the building, it was nationalized I August of the same year. A year later, in August 2015, the Complex was sold for $30 million. Details are available here
