US owner for Arena

London Arena, the Docklands entertainment venue which went into receivership three years ago, is about to be bought by the company which runs the world's biggest American football stadium.

The Arena, on the Isle of Dogs, is on the verge of being bought by SMG Arena Management. A deal for an undisclosed sum should be settled shortly with receivers Price Waterhouse.

Bob Rice, the American general manager for SMG at its other major British venue, the Sheffield Arena, said yesterday: 'We are very close to a deal. I believe that things will be finalised over the next month.'

He said there was a demand for a large entertainment and business venue in the area. 'Obviously, we have to find out what the demand is. But the Arena is a good opportunity for local business trade. And with over 12,000 seats it should attract major entertainers.'

He was optimistic that the access and transport problems which hindered the Arena were no longer an issue.

'Some of the transport problems have corrected themselves. The area is no longer such a construction site.

'Such potential problems will be a focus for us before we open. We will not open the facility until we are certain that it is the way it should be.'

The company, based in Philadelphia, manages 36 arenas in America, including the 87,500-seat Louisiana Superdome in New Orleans, home of the the Superbowl NFL championships, and the LA Memorial Coliseum in California, where the Olympics have twice been staged.

London Arena was conceived as a showpiece sports and entertainments venue, and hosted stars like Pink Floyd, David Bowie, Duran Duran and Frank Sinatra before it crashed after just two years in 1991.

When it collapsed with debts of more than pounds 25million, the venue was said to have received pounds 500,000 from Tower Hamlets borough council and the Sports Council of Great Britain to set up sports facilities and an athletics training programme for the local community.

Since last June, when the receivers opened up for limited trading, a number of small conferences and basketball tournaments have been held there.

The Arena's general manager, Nicky Dunn, said: 'We are confident that the deal with SMG will go through.'

(Photographs omitted)

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Life and Style
ebooksA superb mix of recipes serving up the freshest of local produce in a delicious range of styles
Life and Style
ebooksFrom the lifespan of a slug to the distance to the Sun: answers to 500 questions from readers
Life and Style
techApp to start sending headlines, TV clips and ads to your phone
Arts and Entertainment
Taylor Swift crawls through the legs of twerking dancers in her 'Shake It Off' music video
musicEarl Sweatshirt thinks so
Life and Style
tech
Arts and Entertainment
Daniel Radcliffe and Zoe Kazan in What If
filmReview: Actor swaps Harry Potter for Cary Grant in What If
News
Our resilience to stress is to a large extent determined by our genes
science
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs General

    HR Analyst - Banking - Bristol - £350-£400

    £350 - £400 per day: Orgtel: HR Analyst - Banking - Bristol - £350 - £400 per ...

    Assistant Marketing & PR Manager

    £16 - £17 per hour: Ashdown Group: Marketing & PR Assistant - Kentish Town are...

    Project Manager (App development, SAP, interfacing)

    £50000 - £60000 Per Annum + excellent company benefits: Clearwater People Solu...

    Systems Developer Technical Lead

    £65000 - £70000 Per Annum: Clearwater People Solutions Ltd: Our client based i...

    Day In a Page

    Ferguson: In the heartlands of America, a descent into madness

    A descent into madness in America's heartlands

    David Usborne arrived in Ferguson, Missouri to be greeted by a scene more redolent of Gaza and Afghanistan
    BBC’s filming of raid at Sir Cliff’s home ‘may be result of corruption’

    BBC faces corruption allegation over its Sir Cliff police raid coverage

    Reporter’s relationship with police under scrutiny as DG is summoned by MPs to explain extensive live broadcast of swoop on singer’s home
    Lauded therapist Harley Mille still in limbo as battle to stay in Britain drags on

    Lauded therapist still in limbo as battle to stay in Britain drags on

    Australian Harley Miller is as frustrated by court delays as she is with the idiosyncrasies of immigration law
    Lewis Fry Richardson's weather forecasts changed the world. But could his predictions of war do the same?

    Lewis Fry Richardson's weather forecasts changed the world...

    But could his predictions of war do the same?
    Kate Bush asks fans not to take photos at her London gigs: 'I want to have contact with the audience, not iPhones'

    'I want to have contact with the audience, not iPhones'

    Kate Bush asks fans not to take photos at her London gigs
    Under-35s have rated gardening in their top five favourite leisure activities, but why?

    Young at hort

    Under-35s have rated gardening in their top five favourite leisure activities. But why are so many people are swapping sweaty clubs for leafy shrubs?
    Tim Vine, winner of the Funniest Joke of the Fringe award: 'making a quip as funny as possible is an art'

    Beyond a joke

    Tim Vine, winner of the Funniest Joke of the Fringe award, has nigh-on 200 in his act. So how are they conceived?
    The late Peter O'Toole shines in 'Katherine of Alexandria' despite illness

    The late Peter O'Toole shines in 'Katherine of Alexandria' despite illness

    Sadly though, the Lawrence of Arabia star is not around to lend his own critique
    Wicken Fen in Cambridgeshire: The joy of camping in a wetland nature reserve and sleeping under the stars

    A wild night out

    Wicken Fen in Cambridgeshire offers a rare chance to camp in a wetland nature reserve
    Comic Sans for Cancer exhibition: It’s the font that’s openly ridiculed for its jaunty style, but figures of fun have their fans

    Comic Sans for Cancer exhibition

    It’s the font that’s openly ridiculed for its jaunty style, but figures of fun have their fans
    Besiktas vs Arsenal: Five things we learnt from the Champions League first-leg tie

    Besiktas vs Arsenal

    Five things we learnt from the Champions League first-leg tie
    Rory McIlroy a smash hit on the US talk show circuit

    Rory McIlroy a smash hit on the US talk show circuit

    As the Northern Irishman prepares for the Barclays, he finds time to appear on TV in the States, where he’s now such a global superstar that he needs no introduction
    Boy racer Max Verstappen stays relaxed over step up to Formula One

    Boy racer Max Verstappen stays relaxed over step up to F1

    The 16-year-old will become the sport’s youngest-ever driver when he makes his debut for Toro Rosso next season
    Fear brings the enemies of Isis together at last

    Fear brings the enemies of Isis together at last

    But belated attempts to unite will be to no avail if the Sunni caliphate remains strong in Syria, says Patrick Cockburn
    Charlie Gilmour: 'I wondered if I would end up killing myself in jail'

    Charlie Gilmour: 'I wondered if I'd end up killing myself in jail'

    Following last week's report on prison suicides, the former inmate asks how much progress we have made in the 50 years since the abolition of capital punishment