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A SWITCH AT THE TOP OF HOUSTON'S SUMMIT
Published September 20, 1995
Chuck Watson yesterday became new majority owner of the IHL Houston Aeros and acquired Arena Operating Company, the manager and operator of The Summit. Watson purchased the right to operate the Summit for $5.4M. That move was followed by a switch of ownership of the Aeros, as Watson will become majority owner with Glenn Hart as minority owner. Neil Hohlfeld writes with the purchase of Arena Operating, it "was almost imperative (Watson) become the principal owner of one of the teams that plays there." Aeros President & GM Steve Patterson will now also serve as President of Southwest Arena Enterprises, the new firm that will operate The Summit. Patterson "will be involved in the group's effort to convince Rockets Owner Leslie Alexander to get behind a proposed renovation" of the facility. Watson is Chair & CEO of NGC Corp., a natural gas company (HOUSTON CHRONICLE, 9/20). The Summit is owned by the City of Houston, but is operated by Arena Operating Company.