Fate Of Planned Cork Event Centre To Be Decided At Live Nation HQ In LA
The fate of the planned 6,000-seater Cork Event Centre will be decided at the headquarters of the company that will run the currently-in-development venue, events promoter and venue operator Live Nation, which is located in Los Angeles, California, in the US.
As reported by The Irish Examiner, Independent councillor Mick Finn requested an update on the project at a Cork City Council meeting this week, and council chief executive Ann Doherty said in a written reply that despite the adverse impact that the COVID-19 pandemic has had on the global entertainment industry, all parties to the Cork event centre project - the city council, developers BAM, which won the tender for the public funding, and Live Nation - have continued to work together to progress the project, and that the appropriate legal structures have been put in place by Live Nation and BAM to deliver the project.
Doherty reportedly said that there has been "agreement in principle on all the substantive issues in the funding agreement", and, "All parties will enter into the agreement as the detailed design is completed and further certainty is achieved on the cost risks involved.
"This will also inform the construction programme. Live Nation and BAM are working to mobilise their design team so that it can be fully engaged once corporate approval is obtained by Live Nation in Ireland."
That decision will reportedly be made by Live Nation's corporate headquarters in LA, but it reportedly is not known when that decision will be made, though it is reportedly increasingly unlikely that construction will commence next year.
Finn reportedly described Doherty's update as positive and reportedly said that there are welcome signs that all funding and legal elements of this project are in place, that detailed design is being completed and that all parties continue to work together on it.
Finn reportedly said, "The latest cautionary note is that it still has to be rubber-stamped by the global division of operators Live Nation but I think it’s edging forward, albeit slowly. It’s really up to our Cabinet TDs to get this over the last line now and get Live Nation to announce as the entertainment industry rebounds from the COVID-19 impact.
"Imagine the public demand for such a centre once we emerge from the COVID shadows."
Finn reportedly said that he also wants to recognise that the last 18 months or so has been "a period of flux" for the big players and providers, as well as the smaller players in the entertainment industry, and, "So, credit must be given to Live Nation for keeping faith with this project which is so important for Cork and indeed Ireland, and which I know will be resoundingly successful once operational."
The state is reportedly poised to plough €50 million into the event centre project to help deliver the planned venue, which is planned to be located on Cork’s South Main Street.
Live Nation reportedly lost out on €5.7 billion of revenue globally last year alone due to the cancellation of live events globally as a result of the COVID-19 pandemic.
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