The fate of one of the most iconic venues in Los Angeles, and the country for that matter, was determined October 23: Live Nation will be awarded a ten-year contract to operate concerts out of The Greek Theatre. The final decision was not without drama, according to Billboard Biz.
The decision was made by a three-person panel (the fourth member recused herself) representing the Los Angeles board of Recreation and Park commissioners, but not before they heard the arguments of more than 300 speakers throughout the day.
The battle between Live Nation and AEG/Nederlander was never going to be easy, not only because of varying opinions on the proposals presented but because of the history involved. Nederlander (since bought up by AEG) has run concerts out of The Greek for 38 years, having initially won the city's contract during 1976. Changing hands after a nearly 40 year run will always cause a commotion.
The final decision came down to numbers, pure and simple (although AEG would question those numbers). The panel voted 3-0 to give the contract to Live Nation, who predicted around 1,400 events held over the next two decades (the contract includes two five-year options) as well as $77.9 million in revenue for the city along with $40 million in capital improvements and a $6 million community trust.
Nederlander claimed, of course, that the estimates for the two plans were incorrect, and that its own offer should have been worth around $17.5 million more than Live Nation's. The final estimates were presented by the Strategic Advisory Group, a consultancy hired by the city.
All hope isn't lost for Nederlander. The panel's decision still has to be approved by the city council and the mayor. Things are looking good for Live Nation however.
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