The management deal for Sovereign Bank Arena is extended five years under slightly different terms.
Global Spectrum will continue to manage Sovereign Bank Arena for five more years, extending its deal under slightly different terms.
Under the new terms, Global Spectrum will see a cut of the profits sooner than under the old deal. In exchange, Global Spectrum will more extensively shied Mercer County from any losses:
Under the old contract, which expires at the end of September, the county doesn't pay Global Spectrum anything until the arena earns its first $500,000 in operating profit.
Under the new terms, which Global Spectrum proposed, the first $25,000 will go to the MCIA and the next $75,000 to the firm, Miller said.
For profits from $100,000 and $499,999, 60 percent goes to the MCIA and 40 percent to Global Spectrum. Above $500,000, the split changes to 70 percent for the county and 30 percent to the firm.
The arena is home to the Trenton Devils (ECHL) and a host of other events.
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