ASM Global buys stake in three major Aussie stadiums
Australia’s largest venue operator ASM Global – which this week changed its name from AEG Ogden – has bought a 25% shareholding in Sydney-based stadium operator VenuesLive.
VenuesLive operates three of Australia’s best-known stadiums – the 83,500-seat ANZ Stadium and the 30,000-seat Bankwest Stadium in Sydney, and the 60,000-seat Optus Stadium in Perth.
The 25% stake was previously held by Techfront Australia.
Approval for the acquisition has been granted by the government owners of the three stadiums.
ASM Global Asia Pacific chairman and CEO, Harvey Lister, will join the VenuesLive board.
But day to day operations continues under current directors and joint majority shareholders Daryl Kerry and Steve Heytman.
Bob Newman, US-based president and CEO of ASM Global, said VenuesLive would benefit from ASM Global’s worldwide network of partnerships with entertainment and sports providers which will bring major live drawcards to the region.
“The real winners from these developments are the fans who will be able to access a greater range of world-class content, services, amenities and technologies in more venues than ever before, across Australia,” he said.
Kerry added: “We are excited about ASM Global’s investment in VenuesLive.
“We look forward to the benefits that ASM Global’s investment in VenuesLive will bring, particularly in delivering additional events to the stadia we manage.”
ASM Global has a portfolio of 300 venues around the world.
Its Australian operations, based in Brisbane, manages the 12,000-capacity Brisbane Entertainment Centre, the 52,500-seat Suncorp Stadium, the 21,000-seat Qudos Bank Arena in Sydney, the 8,500-seat First State Super Theatre at ICC Sydney and the 15,000-seat RAC Arena in Perth, as well as smaller venues in Brisbane, Newcastle, Cairns and Darwin.