SAGE, the Newcastle-based fintech company, is to be the new name on a £300m business and entertainment complex a few minutes from Newcastle city centre.

The transformational arena and conference centre development will sit between the BALTIC Centre for Contemporary Art and the international music centre, Sage Gateshead, already sponsored by the group.

It will be operated by ASM Global, which has a UK portfolio which includes the Utilita Arena, Newcastle, the AO Arena in Manchester, the first direct arena in Leeds and The SSE Arena, Wembley.

Opening in 2024, The Sage will provide an estimated £70m annual boost for the local economy, creating 2,000 jobs.

Read more: Sage revenues up eight per cent

Sage Group will invest £10m in the sponsorship and CEO Steve Hare said: “Sage’s heart has always been in the North East, and today’s announcement embodies our purpose – to knock down barriers so everyone can thrive. The Sage brings the world to the North East’s front door, providing a platform to celebrate the region's brilliance.

“We are committed to making sure that The Sage is an inclusive venue by giving access to all, no matter their background. We believe it will unlock the huge potential the North East has, attracting greater investment and innovation.”

Business Secretary Kwasi Kwarteng MP said the investment from Sage was 'Levelling Up in action'.

He added: "It is a prime example of the role businesses can play in boosting the job prospects and livelihoods of those living in their local communities. The new development will fire up the North East’s economic engines, acting as a catalyst for global investment and further job creation.”

The business benefits will include giving priority to local suppliers and contractors, partnering with local education institutions to offer work experience opportunities that lead to sustainable employment and supporting local businesses with workspace options and opportunities to showcase their products and services.

Councillor Martin Gannon, leader of Gateshead Council added: “The Sage is a great example of our aspirations for Gateshead and the wider region. The project creates jobs, as well as training, education and supply chain opportunities, and will attract millions more visitors to the North East. The Sage will showcase regional strengths to a global audience and maximise opportunities for inward investment and repeat tourism."

 

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