LOS ANGELES (CelebrityAccess) — Nederlander and their partners AEG might lose their management deal at the iconic Greek Theatre if Live Nation has their way.
According to the Los Angeles Times, Live Nation has put in the top bid for the venue after the city's Recreation and Parks Commission solicited bids to operate the theatre. Nederlander has operated the venue since 2002, though its contract with the city is set to expire and does not contain and provisions for an extension.
Los Angeles Recreation and Parks Commission, which oversees the theatre on behalf of the city, is meeting today to consider the bids. Live Nation reportedly submitted a bid with a payment of $55 million for the city, with promises to stage more events and a guarantee of an investment of $106 million over the 10 years of the contract.
Nederlander offered a payment of $54,996,000 to the city and promised $96 million in investments for the venue.
Nederlander is also expected to ask that the Commission consider their stewardship of the venue, which is their highest revenue-producing non-golf concession, generating $22.8 million in gross receipts and paying $1.6 million to the city annually, according to a report by General Manager Mike Shull.
More on this story as it becomes available. – Staff Writers