October 11, 2012 13:16

London's O2 Arena up for sale

US concert venue company Anschutz Entertainment Group that owns the site could fetch £4.25 billion

London's O2 Arena up for sale

Photo: Emilie Bailey/NME

The giant US concert venue company that runs London's O2 Arena is up for sale.

Anschutz Entertainment Group (AEG), who own a stake in David Beckham's football team LA Galaxy, also owns AEG Live – the world's second biggest ticket and live music company behind Live Nation, the Evening Standard reports.

The firm's owners said it was "an appropriate time" to sell up as the company could "maximise value for all concerned". It has been speculated that the whole company could fetch £4.25 billion.

The O2 arena is one of AEG's biggest venues after it turned the Millennium Dome into a massive gig arena. In the next few months alone it will host Muse, The Killers, Mumford and Sons, Florence and the Machine and The Black Keys.

The Government sold the £850 million Dome for the reported sum of £1. AEG subsequently invested in the space to create the 20,000 seater venue, for which O2 pays a reported £6 million per year for the site's name.

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