The world's largest promoter is reportedly in the running to buy the planet's leading venue operator, which is expected to sell for around $750m
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SMG Europe and Live Nation UK will jointly take over a 25-year lease on the 12,000-capacity arena when it opens in 2018
By IQ on 27 Jul 2016
SMG Europe and Live Nation have been jointly awarded the contract to operate the new Bristol Arena.
The two companies, who were announced as the preferred bidders for the contract in December 2014, have agreed a 25-year lease with Bristol City Council on the 12,000-capacity venue, which is expected to open in spring 2018.
Bristol is currently the only major UK city without an arena.
“SMG Europe and Live Nation bring the combined expertise of two global businesses experienced in running arenas worldwide and delivering successful programmes of concerts and events,” comments Bristol councillor Helen Holland. “The flexibility of the arena design also offers the opportunity to produce a really exciting and varied programme for the Bristol Arena.
“The combined experience and expertise of SMG Europe and Live Nation is going to make Bristol Arena one of the most exciting arenas to open in the UK for a long time”
“I am very committed to maximising the employment and training opportunities for local people for this important cultural venue for the city and region and I look forward to working with the operator to achieve this.”
John Sharkey, SMG’s executive vice-president of European operations, adds: “We’re delighted to be one step closer to bringing world class entertainment to the south-west. The combined experience and expertise of SMG Europe and Live Nation is going to make Bristol Arena one of the most exciting arenas to open in the UK for a long time.”
SMG, the world’s largest venue operator, was sold to private-equity firm Ares Capital for US$3.43 billion, or $14.95 per share, in June.
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