Music promotion giant Live Nation has exercised its option to purchase The O2 venue from Nama according to the Irish Independent.
Apparently the deal was done towards the end of 2013 and sees Live Nation increase its ownership from 50% to full owners. The O2 is said to be making profits in the region of 6m.
Developer Harry Crosbie had said of the venue that The Point Theatre was grungy and suited Dublin at the time and The O2 would be a stunning venue for Dublin to be proud of. He certainly has achieved that, even if he won’t be involved anymore.
The €35m sale by NAMA of The O2 is only part of the operation said to be chasing almost 450m in assets owed to NAMA when they took charge in April last year.
We’re still waiting to see if the venue will change name after Three acquired mobile network O2 last year. Three have stated that O2 branding will be discontinued so you have to think the venue will be rebranded. With Live Nation in full control now, the race is on to see if naming it the Three Theatre is plausible or if they have a more clever name in the pipelines.
Personally, we’d ask Audi Club for a bit more money and call it the Audi TT (Audi Three Theatre). You can have that marketing genius for free Three.