The ECHL’s Reading Royals and arena-management-firm SMG — which has an ownership stake in the Royals — will be integral parts of Sovereign Arena under contract extensions announced yesterday.
SMG has managed the arena since it opened in 2001; Savor, the firm’s concessions arm, also had its contract extended through 2020 as well.
SMG receives a consulting fee for managing the facility; this year that amount is slated to be $185,362. However, with revenue coming in from the team and the concessions, the contract is a much more lucrative one for the firm — so much so that SMG is paying $250,000 back for capital improvements to the facility.
