LN In For Grand Canal Theatre

Live Nation has put in a bid to buy Dublin’s Grand Canal Theatre, but whatever happens it still has a management contract to run the Irish venue for another six years.

At the beginning of the year LN paid a reported euro 35 million ($48 million) for the city’s former O2 Arena – since rebranded the 3Arena – as former partner Harry Crosbie’s property development company hit the skids.

In April 2013, the Irish Independent reported that six other Crosbie companies were placed into receivership.

The sale of The O2 and Grand Canal, which two years ago was rebranded the Bord Gáis Energy Theatre but is still popularly known under its former name, were handled by Ireland’s National Asset Management Agency The Irish government set up NAMA in 2009, largely to help the country out of what amounted to a slump and to stimulate redevelopment.

The Canal is worth an estimated euro 20 million ($25.4 million), but LN can expect some tough competition from Dublin-based developers O’Callaghan Properties and County Cork-born billionaire Denis O’Brien.

Since The O2 was rebranded Sept. 4, due to the takeover of O2 Ireland by 3 Ireland, the new sponsor has taken on a complete refurbishment of the 14,000-capacity venue – although it’s only five years since O2 spent euro 80 million ($101 million) on it.