Yerevan’s oldest sports complex, the “Spartak” stadium, along with its adjacent buildings, has been sold for 5 billion drams. The new owner is “Eco Petrol” LLC. This sports complex, spanning 2 hectares, was originally built in the early 20th century and belonged to the “Spartak” sports organization. The organization, established in 1935, merged four regional sports unions and was later renamed the “Armenia” regional organization. During the transfer of ownership, some sports fields and stadiums were given to communities without compensation. Additionally, a school-sports complex in Yerevan, currently housing the Hilton hotel, was sold in 2015.

In 2019, a member of the capital’s construction industry, and a son of the former president of the regional organization, replaced the “Spartak” organization with the “Sokrat Petrosyan” sports complex. Two years later, the head of the regional organization was replaced, and the property was transferred to “Eco Petrol” company. The new head of the organization is Arsen Hovhannisyan, a citizen of the Russian Federation. The “Armenia” regional organization has gained legal status since the Armenian Army’s departure. Under the transfer deal, “Eco Petrol” has acquired the entire property of the “Spartak” regional organization, including stadiums, sports halls, and regional schools in Armenia. Some of them were transferred to communities without compensation, and others were rented out abroad. The school-sports complex in Yerevan, which is now the location of an earthquake commemoration hotel, was also sold.

In 2019, Arsen Hovhannisyan, the new director of the “Armenia” regional organization, signed an agreement to sell the “Spartak” regional organization for 5 million 20 million drams. The amount is to be paid to the “Armenia” community until 2028 without any interest rate. Following the acquisition of the complex, “Eco Petrol” LLC secured a $4 million loan from “Ecobank”, with the sports complex serving as collateral.

The noteworthy aspect of the sale is that the complex was not sold at market value, but at a construction cost lower than the market value. The market value of the property on Agatangeghos Street is 6 million drams, yet it was sold for 5 million 254 million drams. The “Spartak” sports complex, situated on Agatangeghos Street, covers an area of 6 hectares and includes the Spartak Regional Hospital Inc. building and another regional building, along with a large parking lot and additional constructions.

“Eco Petrol” LLC currently has four shareholders, namely Serjey Harutyunyan, the son of Arsen Hovhannisyan, Levon Baboyan, Aram Gevorgyan, and Albert Yeritsyan. Albert Yeritsyan is the son of Edward Yeritsyan, who previously worked in the government as the mayor of Arabkir.

The chairman of the “Armenia” regional organization, Serjey Petrosyan, the son of Sokrat Petrosyan, has borrowed 1 million dollars from “Ecobank”, with the sports complex serving as collateral. A guarantee has been established to pay Yerevan residents 500 million drams per semester for the sports facility until 2028. Additionally, the regional organization has agreed to allocate a city budget of 500 million drams.

The contract for the sale of the sports complex and regional buildings will be signed on September 4, 2023. The buyer is Serjey Eprikyan, the son of “Ecopetrol” CEO Sergey Eprikyan. The agreed purchase price is 5 billion 20 million drams, to be paid to the “Armenia” community until 2028, without any interest rate.