O2 Arena to be sold as AEG goes on the market

Major US concert venue group, Anschutz Entertainment Group (AEG), which owns the O2 Arena in Greenwich, is up for sale, which could lead to the break up of the group.

AEG, which is owned by Anschutz Company, is the world’s second largest concert ticket and live music company. The group will be sold in an auction with a price tag estimated to be around $7 billion. The group also owns AEG Live, one of the world’s biggest ticket and live music company behind Live Nation.

AEG owns and operates a network of more than 100 arenas, stadiums and clubs in countries on five continents, plus the Los Angeles Galaxy soccer team and the Los Angeles Kings ice hockey team. The company also includes AEG Live, which produces music tours, festivals and special events, operates or exclusively books 35 venues.

The group, which acquired the O2 Arena for £850m back in 2002, invested in the space to create the 20,000 seater venue, for which O2 pays £6 million per year.