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The Government of Armenia adopted a decision today, which states that the State Committee of the Real Estate Cadastre will obtain all the properties of the Karen Demirchyan Sports and Concert Complex through a direct purchase after a bankruptcy case of the previous owner is solved.

The decision is justified by a necessity to develop a united approach for a more efficient administration of the Complex.

Prime Minister Karen Karapetyan has instructed the head of the Real Estate Cadastre to make proposals over the Complex administration to avoid a financial burden for the state.

To Karen Karapetyan’s words, the Complex needs a manager who is able to generate profit and consequently pay taxes to the state.

He next referred to the international practice evidencing that similar structures are not financed by the state but are self-sustainable.

“We should look for a manager to hand the complex to ensure its sustainability without any dependency on the state and with a view of future taxes to be collected,” Karapetyan said.