You can also choose to be emailed when someone replies If ever there is an example of over exuberance and over expenditure on any property around the world then the O2 Arena (formerly the Millennium Dome) has to be the ultimate “white elephant”.
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Log in to update your newsletter preferencesPlease A local gang planned to ram-raid the De Beers diamond exhibition which was being held in the riverside Dome at the time. It is surrounded by a climate-controlled shopping and dining boulevard which also comprises an 11-screen theater complex and museum area. I regularly comment on the F1 industry on television for the BBC, CNN, CNBC and ITV.
The Millennium Dome raid was an attempted robbery of the Millennium Dome's diamond exhibition in Greenwich, South East London occurring on 7 November 2000. Trinity Cambridge buys Millennium Dome for £24m It was built in 1997/2000 to celebrate the beginning of the third millennium. The name was officially changed to The O 2 when Telefónica O 2 Europe plc bought the naming rights from the developers, Anschutz Entertainment Group. Its portfolio is crowned by the Staples Center in Los Angeles but also includes New York’s PlayStation Theater, the Mercedes-Benz Arena in Berlin, and the Barclaycard Arena in Hamburg.The Millennium Dome was a natural fit and AEG made the most of the fact that the British government was a distressed seller. However, it also has significant liabilities. Trinity College — already one of Britain's biggest landowners — announced it has splashed out £24 million to buy the holding company of the 999-year lease for the Millennium Dome. AEG, the group that turns sites in 'unloved areas' into prime concert venues, has picked the perfect time to sell the O2It started life being dismissed as a New Labour vanity project, then disappointed thousands of visitors with its overly sponsored "zones". Soon after the doors closed it became a white elephant.The venue reportedly cost taxpayers $1.4 million (£1 million) per month to maintain which put pressure on the government to offload it. Many of the exhibitions were destroyed by their sponsors or auctioned off although funds raised were minimal and the UK public was left with a very expensive “white elephant”.While initially there had been suggestions that the Millennium Dome would be razed to the ground these were quickly discounted with suggestions of a high-tech business park, entertainment facility, sports centre and other similar ideas. Mike Davies, Project Partner for the Millennium Dome. I think it was never "sold" but "leased" to AEG for 999 years. London’s Millennium Dome (or simply ‘The Dome’) was a project set up by John Major (then Prime Minister of England) under the Conservative government. AEG invested $558 million (£400m) in the redevelopment project and in 2016 it took out a $251 million (£180 million) loan which is secured on the venue.The once-derelict building now employs 195 staff and has a book value of $181.3 million (£130.1 million). Start your Independent Premium subscription today.Are you sure you want to mark this comment as inappropriate?Independent Premium Comments can be posted by members of our membership scheme, Independent Premium.
There are more than 200 of them including the first ever sketch of Batman’s arch-enemy the Joker. It gives total net profits of $203.7 million (£146.1 million) with $411.6 million (£295.3 million) of dividends paid by the venue to its parent since its doors opened.AEG received a $32.8 million (£23.5 million) dividend alone last year driven by the boost in performance.
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