Features
LN Acquires Management For Vector Arena
Live Nation and Australia’s MHC Investments acquired a majority interest in the management rights to Auckland, New Zealand’s 12,000-capacity Vector Arena .
MHC is co-owned by Live Nation Australasia president Michael Coppel and his wife Michelle. The acquisition – specific financial details were not disclosed – is part of a long-term venture Live Nation has with the venue’s previous sole operator Stuart Clumpas.
The Overseas Investment Office (OIO) regulatory unit approved the deal for the two foreign companies to buy all the shares of EVENZ that owns and controls a leasehold interest in the 2.3 hectares of Auckland waterfront land where the venue stands. Vector Arena was built and developed by the Auckland Council’s venues division Regional Facilities Auckland (RFA) in 2007. Under the new deal, the stadium rights return to council in 40 years.
The OIO decision stated, “The applicants are acquiring Vector Arena as part of an Australasian expansion strategy and plan to leverage their position in the live music industry to increase the frequency and scale of shows at Vector Arena.
The applicants consider that owning Vector Arena will make bringing previously marginal/uneconomic shows to New Zealand possible.” Upcoming shows at Vector Arena include Imagine Dragons, Wiz Khalifa, Maroon 5, Eason Chan, Russell Brand and KISS.