Anschutz Entertainment Group (AEG) has completed the acquisition of the 21,000-seat capacity Manchester Evening News (MEN) Arena. The L.A.-based venues group confirmed today (Sept. 28) it has bought t

Anschutz Entertainment Group (AEG) has completed the acquisition of the 21,000-seat capacity Manchester Evening News (MEN) Arena. The L.A.-based venues group confirmed today (Sept. 28) it has bought the remaining 50% stake from ports and shipping company P&O in a deal valued at about £50 million ($90 million).

U.K.-based P&O, which had held the stake since the arena's construction in the early 1990s, announced plans in August to sell its interest as part of a strategy to exit the property business.

Philadelphia-based facility management firm SMG has a long-term contract to operate the venue, and will continue to lease the arena from AEG.

The Manchester, England venue is recognized as Europe's biggest indoor entertainment complex. In the coming months, the venue will host performances by the Beastie Boys, Avril Lavigne and the Darkness, among others.

AEG is also currently redeveloping the Millennium Dome in London, the focus of which will be a 26,000 capacity entertainment and sports arena. Construction is expected to commence on site in early 2005.

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