AEG Takes Over Hartford Arena

A development board in Hartford, Conn., has selected a partnership comprising Northland Investment Corp. and AEG to take over the lease and management of the city’s Civic Center, which was previously run by MSG.

Richard Mulready, vice chairman of the board of the Connecticut Development Authority, told the Hartford Courant the partnership not only offered to save the state $2 million per year, but also had $500 million already invested in the city.

"They had a level of excitement about them for their future," Mulready said. "And about Hartford and its potential."

The state, which was set to lease the 32-year-old arena from the city through 2013, reportedly feared it would lose more than $3.5 million per year on that agreement and in 2005 set out to find a better deal.

While MSG, which owns the city’s Wolf Pack minor league hockey team, bid to continue managing the 16,000-seat facility, the board was apparently intrigued by the Northland /AEG bid, which offered to assume all aspects of operations and take over the lease, the Courant reported.

Pending city approval or a guarantee the state isn’t liable to the city for the civic center’s rent, the partnership will assume its responsibilities, the paper said.

It is unclear at this point what the future holds for the city’s MSG-owned hockey team.

An AEG representative could not be reached for comment at press time.