Oak View Group

Last updated

Oak View Group, LLC
Industry Real estate development
Professional sports
FoundedNovember 16, 2015
Founder Tim Leiweke and Irving Azoff
Headquarters
Denver
,
United States
Area served
Worldwide
Key people
 Tim Leiweke (CEO) Irving Azoff (President)
Subsidiaries Pollstar
Website Official website

Oak View Group, LLC (OVG) is an American professional sports and commercial real estate company based in Denver. It manages several sports venues, including Climate Pledge Arena in Seattle, which was constructed under the company's supervision. OVG was formed in November 2015, by Tim Leiweke and his business partner, Irving Azoff. [1] Leiweke is the company's chief executive officer. [2]

Contents

Business developments

The former KeyArena in Seattle was redeveloped in preparation for the Seattle Kraken, the city's National Hockey League team. The new arena, named Climate Pledge Arena via a naming rights deal with Amazon is also home to the WNBA's Seattle Storm. On December 4, 2017, the Seattle City Council voted 7–1 to approve a memorandum of understanding with the OVG for the redevelopment, [3] which built a new subterranean arena on the existing site while retaining the historical landmarked roof and three exterior walls. Demolition and construction for the new arena began in 2018 and was fully completed in 2021. [4] The company was competing against a rival proposal by Chris Hansen.

On December 7, the NHL's board of governors agreed to consider an application for an expansion team from Seattle, with an expansion fee set at $650 million. [5] The Seattle ownership group is represented by David Bonderman and Jerry Bruckheimer. [6] On February 20, Mayor Jenny Durkan launched an NHL campaign during her State of the Union and announced that the OVG would be initiating a season ticket drive on March 1, 2018. [7] OVG manages Climate Pledge Arena.

The group is also a partner in UBS Arena with the New York Islanders. [8] In December 2017, New York Arena Partners (a venture of the Islanders, OVG, and Sterling Equities) won a bid to construct a new, 18,000-seat arena and mixed-used district at Belmont Park, beating a competing proposal by New York City FC for a new soccer stadium. The new arena was completed in time for the 2021–22 season. [9] [10]

In 2016, OVG announced an "Arena Alliance" of independent arenas such as AT&T Center (San Antonio), Scotiabank Arena (Toronto), Amalie Arena (Tampa Bay), BB&T Center (Ft. Lauderdale), Bankers Life Fieldhouse (Indianapolis), Chase Center (San Francisco), PPG Paints Arena (Pittsburgh), KeyBank Center (Buffalo), The Forum (Los Angeles), Golden 1 Center (Sacramento), Little Caesars Arena (Detroit), Madison Square Garden (New York), Ball Arena (Denver), State Farm Arena (Atlanta), Prudential Center (Newark), Rocket Mortgage FieldHouse (Cleveland), Rogers Arena (Vancouver), Enterprise Center (St. Louis), United Center (Chicago), Wells Fargo Center (Philadelphia), and Xcel Energy Center (St. Paul). [11]

In 2016, OVG acquired Venues Today, a trade publication for the live entertainment industry. [12] In 2017, the company purchased Pollstar, a trade publication for the concert industry. [13]

In 2018, it was announced that OVG and the University of Texas at Austin (UT) had agreed to build a new $338 million arena for the Texas Longhorns men's and women's basketball programs to replace the Frank Erwin Center. [14] Under the agreement, UT has exclusive use of the arena for 60 days per year and receives all revenue from Longhorns games, while OVG and its partners Live Nation and C3 Presents have the right to hold events on the other days, receiving the bulk of the revenue from those dates. [15] The arena, ultimately named Moody Center, opened in April 2022. [16]

In 2019, OVG launched Oak View Group International. Based in London, it will focus on building arena and stadium development and partnership opportunities in the UK, Europe, the Middle East, and Asia. Jessica Koravos, president of Andrew Lloyd Webber’s Really Useful Group, and formerly MD of Anschutz Entertainment Group Live and COO of AEG Europe, is co-chair of OVG International alongside Tim Leiweke.

In February 2019, it was announced that OVG had become the arena manager of Webster Bank Arena, now known as Total Mortgage Arena, in Bridgeport, Connecticut. [17] Oak View Group also will operate Acrisure Arena in Palm Desert, California. Upon completion in December 2022, the arena became the home ice for the Kraken's American Hockey League affiliate, the Coachella Valley Firebirds. [18]

In August 2021, it was announced that OVG and Spectra, a venue management company, would be merging to form a full-service live events company. [19] In October 2021, Oak View Group partnered with the Hamilton Urban Precinct Entertainment Group (HUPEG) to redevelop Hamilton, Ontario's Arts and Entertainment district, including a renovation of FirstOntario Centre. [20]

In March 2022, OVG announced its largest project to date, a 20,000-seat arena in Las Vegas. [21] The 25-acre site (10 ha) is south of the station for the high speed rail line to the Los Angeles area, Brightline West. [22]

Related Research Articles

<span class="mw-page-title-main">Nassau Coliseum</span> Multi-purpose indoor arena in Uniondale, New York, U.S.

Nassau Veterans Memorial Coliseum is a multi-purpose indoor arena in Uniondale, New York, east of New York City. The Long Island venue is approximately 7 miles (11 km) east of the eastern limits of the New York City Borough of Queens, and is also next to the Meadowbrook Parkway.

<span class="mw-page-title-main">Climate Pledge Arena</span> Multi-purpose indoor arena in Seattle, Washington, U.S.A.

Climate Pledge Arena is a multi-purpose indoor arena in Seattle, Washington, United States. It is located north of Downtown Seattle in the 74-acre (30 ha) entertainment complex known as Seattle Center, the site of the 1962 World's Fair, for which it was originally developed. After opening in 1962, it was subsequently bought and converted by the city of Seattle for entertainment purposes. From 2018 to 2021, the arena underwent a $1.15 billion redevelopment; the renovation preserved the original exterior and roof, which was declared a Seattle Landmark in 2017 and was listed on the Washington Heritage Register as well as the National Register of Historic Places in 2018. The renovated venue has a capacity of 17,151 for ice hockey and 18,300 for basketball.

<span class="mw-page-title-main">SAP Center</span> Arena in California, United States

The SAP Center at San Jose is an indoor arena located in San Jose, California. Its primary tenant is the San Jose Sharks of the National Hockey League, for which the arena has earned the nickname "The Shark Tank".

<span class="mw-page-title-main">Anschutz Entertainment Group</span> American company

The Anschutz Entertainment Group (AEG), also known as AEG Worldwide, is an American global sporting and music entertainment presenter and a subsidiary of The Anschutz Corporation. It is the world's largest owner of sports teams and sports events. Under the AEG Presents brand, it is the world's second-largest presenter of live music and entertainment events, after Live Nation. AEG Presents was founded in 2002 as AEG Live.

<span class="mw-page-title-main">Barclays Center</span> Multi-purpose indoor arena in New York City, U.S.

Barclays Center is a multi-purpose indoor arena in the New York City borough of Brooklyn. The arena is home to the Brooklyn Nets of the National Basketball Association and the New York Liberty of the Women's National Basketball Association. The arena also hosts concerts, conventions and other sporting and entertainment events.

<span class="mw-page-title-main">BMO Field</span> Stadium in Toronto

BMO Field is an outdoor stadium located at Exhibition Place in Toronto, Ontario, Canada. Constructed on the former Exhibition Stadium site and first opened in 2007, it is the home field of Toronto FC of Major League Soccer (MLS) and the Toronto Argonauts of the Canadian Football League (CFL). BMO Field is owned by the City of Toronto and managed by Maple Leaf Sports & Entertainment, which owns both Toronto FC and the Argonauts. The stadium's naming rights are held by the Bank of Montreal, which is commonly branded as "BMO".

<span class="mw-page-title-main">Irving Azoff</span> American entertainment executive

Irving Azoff is an American businessman, who is chairman of Full Stop Management, a company that represents recording artists. During the course of his career, he has worked as an agent, personal manager, concert promoter, movie producer, independent record label owner, merchandiser, music publisher, and CEO of a record label.

Comcast Spectacor is an American sports and entertainment company based in Philadelphia, Pennsylvania. It owns the Philadelphia Flyers of the National Hockey League, the Maine Mariners of the ECHL, the Philadelphia Wings of the National Lacrosse League, the Seoul Infernal of the Overwatch League, and formerly owned the Philadelphia 76ers of the National Basketball Association. The company owns and manages the Wells Fargo Center and formerly managed the Spectrum in South Philadelphia, plus several community skating rinks in the Philadelphia region. The Comcast SportsNet (CSN) regional sports networks were also owned by Comcast Spectacor prior to parent company Comcast's acquisition of NBCUniversal in January 2011; CSN is now operated through NBC Sports.

Tod Leiweke is an American sports executive who is currently part-owner, president and chief executive officer (CEO) of the Seattle Kraken.

Madison Square Garden Sports Corp. is an American sports holding company based in New York City.

Timothy J. Leiweke is an American businessman who is the chief executive officer of the Oak View Group. Leiweke was the former president and CEO of Maple Leaf Sports & Entertainment (MLSE) and former president and CEO of Anschutz Entertainment Group (AEG). Leiweke held roughly a 4% stake in AEG as of 2012, and is well known for his relationship with notoriously reclusive AEG founder and Denver-based billionaire Philip Anschutz, whom he has known since the early 1990s. Since November 2015, Leiweke has been the CEO of the Oak View Group, "a global advisory, development and investment company for the sports and live entertainment industries".

Pollstar is a trade publication for the concert and live music industry. The publication was purchased by Oak View Group, a venue consultancy founded by Tim Leiweke and Irving Azoff, in July 2017.

<span class="mw-page-title-main">T-Mobile Arena</span> Multi-purpose arena in Las Vegas, US

T-Mobile Arena is a multi-purpose indoor arena in Paradise, Nevada, United States. Opened on April 6, 2016, it is the home arena of the Vegas Golden Knights of the National Hockey League (NHL). A joint venture between MGM Resorts International and Anschutz Entertainment Group (AEG), T-Mobile Arena is situated on the Las Vegas Strip behind the New York-New York and Park MGM casino hotels.

<span class="mw-page-title-main">UBS Arena</span> Multi-purpose indoor arena in Elmont, New York, U.S

UBS Arena is a multi-purpose indoor arena located within Belmont Park in Elmont, New York, United States, directly adjacent to the New York City limits. Opened in 2021, it is the home of the New York Islanders of the National Hockey League (NHL), replacing the Nassau Coliseum and Barclays Center. The arena officially seats 17,250 patrons for NHL games and up to 19,000 for concerts and other select events. Fans and sports writers have affectionately nicknamed the arena "The Stable" due to the arena being located at Belmont Park, a famous thoroughbred racing venue.

<span class="mw-page-title-main">Seattle Kraken</span> National Hockey League team in Seattle, Washington

The Seattle Kraken are a professional ice hockey team based in Seattle. The Kraken compete in the National Hockey League (NHL) as a member of the Pacific Division in the Western Conference and began play during the league's 2021–22 season. They play their home games at Climate Pledge Arena.

<span class="mw-page-title-main">2021 NHL expansion draft</span> Player selection draft

The 2021 NHL expansion draft was an expansion draft that was conducted by the National Hockey League on July 21, 2021, to fill the roster of the league's expansion team for the 2021–22 season, the Seattle Kraken.

<span class="mw-page-title-main">Coachella Valley Firebirds</span> American Hockey League team in Thousand Palms, California

The Coachella Valley Firebirds are a professional ice hockey team based in Southern California's Coachella Valley. They are members of the Pacific Division in the Western Conference of the American Hockey League (AHL). The Firebirds began play in the 2022–23 AHL season. The team is an owned-and-operated affiliate of the National Hockey League (NHL)'s Seattle Kraken. The team plays their home games at Acrisure Arena in the town of Thousand Palms, California.

<span class="mw-page-title-main">Acrisure Arena</span> Indoor arena near Palm Desert, California

Acrisure Arena is a multi-purpose indoor arena in the unincorporated community of Thousand Palms in Riverside County, California. The arena opened in December 2022 on 43.35 acres (17.54 ha) of land in the Coachella Valley near the city of Palm Desert, between Interstate 10 and the Classic Club golf course. It is the home arena for the American Hockey League's Coachella Valley Firebirds, and is a primary venue for events in the Greater Palm Springs Area. Acrisure, a financial technology company, paid an undisclosed sum for 10 years of naming rights.

Ice hockey in Seattle, Washington includes professional teams as early as 1915, such as the Seattle Metropolitans, the first United States-based team to win the Stanley Cup. The city has been represented by various teams in the iterations of the Western Hockey League since 1944, of which the major junior Seattle Thunderbirds are the latest. Presently, the city has a National Hockey League franchise, the Seattle Kraken, who began play in the 2021–22 season.

References

  1. ↑ "Tim Leiweke and Azoff MSG Entertainment Join Forces to Launch the Oak View Group (OVG)". Globe Newswire. November 16, 2015. Retrieved December 3, 2016.
  2. ↑ "Our Executive Team – Oak View Group". www.oakviewgroup.com. Retrieved May 23, 2017.
  3. ↑ "KeyArena MOU approved by Seattle City Council; will NHL announcement soon follow?". The Seattle Times . December 4, 2017.
  4. ↑ "KeyArena renovation wins approval from Seattle City Council". KING-TV . December 4, 2017.
  5. ↑ "Bettman says NHL will consider Seattle expansion bid". USA Today. December 7, 2017. Retrieved December 7, 2017.
  6. ↑ Rosen, Dan (December 7, 2017). "Seattle can begin NHL expansion process". National Hockey League. Retrieved December 9, 2017.
  7. ↑ "Breaking: Seattle Mayor Jenny Durkan kicks off a campaign for NHL expansion". Sonics Rising. Retrieved February 21, 2018.
  8. ↑ Baumbach, Jim (October 10, 2018). "Oak View Group CEO: Nothing has changed with Belmont plan". Newsday. Retrieved February 25, 2019.
  9. ↑ "It's official: New York Islanders heading back to Nassau County". abc7ny.com . Disney–ABC Television Group. December 20, 2017. Retrieved December 20, 2017.
  10. ↑ "NHL's Islanders Win Right to Build Arena at Belmont Site". Bloomberg.com. December 19, 2017. Retrieved January 24, 2018.
  11. ↑ "OVG Unveils the Charter Members of the 'Arena Alliance' Uniting Independent World-Class Facilities for the First Time". www.businesswire.com. September 19, 2016. Retrieved February 25, 2019.
  12. ↑ "Oak View Group Acquires Venues Today". VenuesNow. December 21, 2016. Retrieved April 6, 2019.
  13. ↑ "It's official: Oak View Group acquires Pollstar". IQ Magazine. Retrieved July 14, 2017.
  14. ↑ Daniel, Cody (December 20, 2018). "The University of Texas, Oak View Group agree to build 'world-class' on-campus arena". Burnt Orange Nation. Retrieved February 25, 2019.
  15. ↑ "Get it in writing: Texas gets 60 protected dates, all gameday revenue in Moody Center contract". Austin American-Statesman. June 26, 2020. Retrieved August 27, 2020.
  16. ↑ Gates, Billy (April 18, 2022). "Moody Center set for its grand opening, ribbon-cutting ceremony". KXAN. Archived from the original on April 26, 2022. Retrieved April 20, 2022.
  17. ↑ "Oak View Group to Manage Webster Bank Arena". WebsterBankArena.com. Retrieved February 25, 2019.
  18. ↑ "Seattle NHL franchise to have AHL affiliate in Palm Springs". USA TODAY. Retrieved June 28, 2019.
  19. ↑ "Oak View Group and Spectra to Merge, Creating a Leading Full-Service Live Events Company". prnewswire.com. Retrieved September 1, 2021.
  20. ↑ Mims, Taylor (October 7, 2021). "Oak View Group Enters Canadian Market With Ontario Arena Project". Billboard .
  21. ↑ Borba, Ryan (March 30, 2022). "Oak View Group Acquires Las Vegas Land For $3 Billion Arena/Casino Project". VenuesNow. Oak View Group. Retrieved March 30, 2022.
  22. ↑ Golden, Jessica; Brewer, Contessa (March 30, 2022). "Stadium developer plans $3 billion sports arena and casino project in Las Vegas". CNBC. Retrieved May 3, 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.