Cambridge college buys the Dome

It's hard to see sober academic gowns in the audience at an NBA basketball game, stage recreation of Ben Hur or a Lilly and Dizzee gig. But Cambridge dons now have a keen interest in the success of these events.

Trinity College, Cambridge, has bought the holding company of the 999-year lease on the Millennium Dome for £24m. The rent that the Dome's operator, Anschutz Entertainment Group (AEG), pays Trinity is linked to the success of the events it puts on (last year's total came in at £1.5m).

This year's figure is open to question given the impact of the death of Michael Jackson, who was due to take a 50-night residency. AEG invested £350m in transforming the Dome into the O2. The sale to Trinity does not affect AEG's lease or its operation of the O2.