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Global Spectrum Inks Three-Year Deal To Manage Sears Centre
Published June 9, 2010
|Global Spectrum Took Over Sears Centre
Operations In January On Temporary Basis
Global Spectrum is "outperforming expectations since taking over" Sears Centre in January, and as a result the Village of Hoffman Estates (IL) board has "approved a three-year deal with the company," according to Ashok Selvam of the Illinois DAILY HERALD. The deal "applies retroactively, going from January 2010 through December 2012, and includes a two-year option" for the town. Global Spectrum had been working with a temporary agreement. Village officials said that "watching Global for the past five months convinced them it was the right company to manage the arena." Global Spectrum Senior VP/Business Development & Client Relations Frank Russo said that the agreement "will allow the company to hire a full-time marketing specialist and other staffers at the arena." He "expects continued success with improved customer service." Selvam noted the village will pay Global Spectrum $132,000 per year "plus performance incentives." Global will receive only the base fee of $132,000 for '10, but that fee "increases in subsequent years based on the rate of inflation." Global in '11 "gets the base fee plus payments based on revenue generated for the arena, specifically reducing the building's debt." If the arena "turned a profit, Global would receive 30 percent of profits, limited to $500,000" (Illinois DAILY HERALD, 6/8).