Mitsubishi Corporation Urban Development, Inc. (Headquarters: Chiyoda-ku, Tokyo; President & CEO: Masahito Tamura; hereinafter "Mitsubishi Corporation Urban Development"), Anschutz Entertainment Group, Inc. (Head office: Los Angeles, USA; Vice Chairman: Ted Fikre; hereinafter "AEG"), and Kanden Realty & Development Co., Ltd. (Headquarters: Kita-ku, Osaka; President: Kenichi Fujino; hereinafter "Kanden") announce the signing of a basic agreement on July 26, 2023 with the Osaka Prefecture government concerning the latter's revitalization project in the Banpaku-kinen-koen Station-front district, as a joint project involving the three companies.

In order to make the "Future vision for revitalization of the Japan Expo Commemoration Park (November 2015)" a reality, the Osaka Prefectural government solicited project proposals to promote "creation of a new sports and culture hub representing Osaka and Kansai, centered on a large-scale arena," a project to be undertaken with private-sector business operators to revitalize the area around Japan Expo Commemoration Park.
In response, on October 30, 2020, Mitsubishi Corporation Urban Development, AEG, and Kanden put forth a proposal as a joint enterprise. On May 19, 2021, the joint enterprise was selected as the top proposer (i.e., the party to contract negotiations) through screening by the Osaka Prefectural committee behind the revitalization project.
On July 26, 2023, the joint enterprise signed and concluded the "Basic Agreement with Osaka Prefecture on Revitalization Project in the Banpaku-kinen-koen Station-front District."
This agreement aims to establish basic matters concerning the conclusion of sales and other contracts between Osaka Prefecture and the joint enterprise for the establishment of general fixed-term leasehold rights based on relevant ordinances, the business operator recruitment requirements for the revitalization project in the Banpaku-kinen-koen Station-front district (October 8, 2019), and the provisions of Article 22 of the Act on Land and Building Leases (Act No. 90 of 1991). The purpose of the agreement is advancement of the "creation of a new sports and culture hub representing Osaka and Kansai, centered on a large-scale arena" in accordance with the aims of the public solicitation and with the joint enterprise as the presumed business operator, along with the assured and smooth implementation of the project.