A $22.1 million bid by Nederlander Worldwide Inc. to become the new owners of Cincinnati's 16,000-capacity Firstar Center and NHL Cincinnati Cyclones team, beat out the $22 million bid by Cincinnati Arena Holdings. The sale is expected to become official later this month, following a hearing in the Cincinnati Division of U.S. Bankruptcy Court.
Cincinnati Arena Holdings offered to buy the facility for $31 million prior to Firstar Center filing for Chapter 11 bankruptcy protection in March, but the bid fell short of the $40 million needed to cover its debts.
Firstar Center opened as Riverfront Coliseum in 1975. In 1997 it was repurchased by an investment group and underwent a massive, $16 million renovation, reopening less than five months later as The Crown. It was renamed Firstar Center a short time later when naming rights were purchased by Firstar Bank in Cincinnati.