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Ogden IFC attracts AEG investment to become AEG Ogden

Ogden IFC attracts AEG investment to become AEG Ogden
December 14, 2007

Los Angeles-based sports and entertainment presenter AEG has acquired an interest in Australian venue operator Ogden IFC, creating a new 50/50 joint venture called AEG Ogden.

The partnership will operate arenas, theatres, stadiums and convention and exhibition centres across Australia and New Zealand as well as the Middle East/North Africa, parts of Asia and the western Pacific.

The new company will be led by Brisbane-based Ogden IFC Chairman and Chief Executive Harvey Lister and Executive Director Rod Pilbeam, who will work with AEG Chief Executive Bob Newman.

Commenting on the new venture, Lister told US entertainment magazine Billboard that the most immediate growth is expected in China, India and the Gulf region of the Middle East, advising "there is a lot of private and government investment there and both companies have strong commercial models that work closely with government entities as well as private sector venue developers."

The joint venture brings to 65 the number of venues affiliated with AEG Ogden, with the join venture one of three consortiums bidding for the Singapore Sports Hub, which includes a 55,000-seat stadium and a 12,000 indoor stadium.

Newman advised that the joint venture creates one of the largest venue and events businesses in the world, stating "the collection of associated facilities will provide a single entity of unmatched strength capable of maximising event activity, sponsorship revenues and the highest levels of guest services as well as providing capital to the advantage of the entire network of venues."

AEG owns or provides services to a collection of facilities such as Staples Center (Los Angeles), Nokia Theatre Times Square, the El Rey Theatre (Hollywood) the WaMu Theatre (Seattle), and three just-opened arenas, Sprint Center (Kansas City), Prudential Center (Newark) and the O2 in London.

Ogden IFC operates 16 venues including Telstra Stadium in Sydney, Newcastle Entertainment Centre and the Brisbane Convention and Exhibition Centre, plus venues in Malaysia, Qatar and India.

These sites generated $188 million (US$156 million) in ticket sales and hosted 7.4 million patrons in the last year, according to the company.

Image shows Rod Pilbeam and Harvey Lister.

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