Lease holders are in talks to sell the London gig venue
Cambridge University‘s Trinity College is reportedly set to launch a bid to buy London‘s O2 Arena.
The institution, which is the wealthiest among Oxford and Cambridge‘s colleges, is apparently in talks with the O2 Arena‘s property firms Quintain and Lend Lease. It was announced in February that the two firms, working jointly under the name Meridian Delta Dome Limited (MDL), were to sell the dome.
Quintain last week confirmed to shareholders that it had entered talks with a preferred bidder, reports the Guardian.
Since redeveloping itself from the Millennium Dome in 2007, the O2 Arena – which is operated by promoters AEG – has become one of the UK’s most prominent gig venues, hosting the likes of Led Zeppelin, Prince and the Shockwaves NME Awards Big Gig.
It was due to be the venue for Michael Jackson‘s ‘This Is It’ 50-night residency, before his death in June.
A statement from Quintain last week said that despite the cancellation of Jackson‘s residency, O2 Arena ticket sales remained strong overall.
“In the unlikely event that none of this year’s cancelled dates from the Michael Jackson tour are replaced with other acts it is projected that revenue will still exceed the level required to deliver the maximum rental payment to Meridian Delta Dome Ltd, of which Quintain holds a 49 per cent interest,” it was explained. “Exclusive negotiations continue with a preferred bidder for the disposal of the group’s interest.”
Notable Trinity College alumni include HRH The Prince Of Wales, Sir Isaac Newton and writer AA Milne.