Murad Muradian, an Armenian from Moscow, the head of the BAMO holding, attempted to gain the support of Yerevan citizens who were hesitant about the privatization of the building.

Two conditions were put forward by the Armenian president Robert Kocharyan: The name of the complex must not be changed and it must preserve its functional meaning.

The organization agreed to these conditions and a commitment to make an investment of nearly 10 million US dollars was envisaged for the upcoming 3 years.

[2] The renovation lasted nearly three years and ended up costing 42 million US dollars, transforming the complex into a state-of-the-art venue for sports and concerts.

In August 2014, due to the accumulated debts of the owners, the Government of Armenia transferred the ownership of the complex to the Ministry of Defense.