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LN Inks 10-Year Pact In Chicago
Live Nation will continue to book and manage the expanded FirstMerit Bank Pavilion at Chicago’s Northerly Island for at least the next 10 years, and possibly longer, after inking a new contract with the city’s park district.
Photo: facebook.com/FirstMeritBankPavilion
FirstMerit Bank Pavilion, formerly Charter One Pavilion, reopened with a jump in capacity from 8,500 to as many as 30,000, and revenues and fees will increase accordingly.
The new contract terms don’t differ much from the old, according to the Chicago Tribune.
The deal runs through 2022 and includes an annual renewal option after that. Fees to the park district will continue to be calculated on roughly the same formula as before.
The annual fee of $300,000 and $1.25 per ticket remains the same. The Chicago Park District will continue to get a cut of concession revenues exceeding $1.2 million, and get a $50,000 bonus if total annual tickets sold exceed 90,000.
Mark Campana, Live Nation’s co-president of North American concerts, has previously said he expects to host six to eight large concerts per year at FirstMerit, in addition to smaller concerts and public events under the city’s auspices.
The Park District can expect to see some $2 million in revenue annually thanks to the expansion, Campana told the Tribune. Live Nation has been booking the venue at the old Meigs Field airport site since 2005.
Jimmy Buffett and Phish have already christened FirstMerit Bank Pavilion, with Sammy Hagar and