AEG’s application to run Wembley Arena has been formally approved by the Competition Commission.
While the deal was provisionally cleared last month, AEG Facilities – a stand-alone affiliate of AEG – has now been given the green light to run the venue with owner Quintain Estates and Development PLC in a 15-year deal.
“Wembley Arena holds a special place in the hearts of music and live entertainment fans,” said Rod O’Connor, EVP, AEG Facilities, Europe.
”It enjoys fame on a global scale and we are delighted to welcome it into our portfolio of elite and iconic venues and to have the opportunity to support it with our experience in operating many of the world's most successful live events venues.
“Quintain’s Wembley Park estate is currently undergoing a remarkable transformation and we are proud to be a part of a development that will not only benefit fans, but also the local community.
“This deal marks a new chapter in Wembley Arena’s illustrious history and we are committed to delivering the very best experience for fans, artists and partners,” he added.
James Saunders, chief operating officer at Quintain, said: “This is fantastic news for Quintain and for London, the biggest market place in the world for live music.
“AEG is the world's leading venue operator and we look forward to AEG bringing the world class content, world class customer experience and the operational expertise they have demonstrated at The O2 to the iconic and much loved Wembley Arena.
“The new partnership with AEG comes at an important time for Quintain, just eight weeks before we open London’s newest retail destination next to Wembley Arena – London Designer Outlet. We can now offer visitors to the Arena a much more rounded experience with shopping, dining and even an stay overnight at the Hilton London Wembley. The two attractions combined should drive over 8m visitors a year to the Wembley Park area, creating jobs and many new exciting opportunities.”
AEG Facilities, is operator of venues in both the UK and around the world including The O2 Arena (London, England), O2 World (Berlin), O2 World Hamburg, ULKER Sports Arena (Istanbul), Ericsson Globe Arena (Stockholm), Allphones Arena (Sydney), Mercedes-Benz Arena (Shanghai), MasterCard Center (Beijing), Nokia Theatre L.A. LIVE (Los Angeles), Best Buy Theater Theater (Times Square), Barclays Center (Brooklyn), American Airlines Arena (Miami) and STAPLES Center (Los Angeles).