Global Spectrum Operating Cross Ins. Arena

The board of trustees of  in Portland, Maine, approved a contract with Global Spectrum to operate the newly renovated venue, the companies announced Feb. 9.

The deal moves management of the 8,200-capacity venue from public to private hands in a process that began more than two years ago.

Trustees will pay Global Spectrum $110,000 annually with three potential bonuses, according to Bangor Daily News.

The deal allows Global Spectrum to receive 15 percent of any annual increase in F&B and 20 percent of total operating revenue increase.