Trustees with the Village of Hoffman Estates, Ill., on Monday "recommended a five-year extension" to Global Spectrum's management agreement for Sears Centre Arena, according to Eric Peterson of the Chicago DAILY HERALD. Global Spectrum "has turned around the fortunes" of the facility since taking over in '09. The extension "provides Global Spectrum with the opportunity to make more money," but "also requires the company to book even more events and fill the 11,000-seat arena more often to declare any year successful." Trustees "also unanimously recommended similar five-year extensions" with Front Row Marketing and New Era Tickets, "two related companies that share the same parent corporation of Global Spectrum -- Comcast Spectacor." The first part of the three-part agreement "consists of a collective $210,000 payment" from the three firms to Hoffman Estates, which "will cover not only the five years now being agreed to, but also a possible two-year extension beyond that." The top step of a four-tiered system -- representing any level of profit -- "would pay Global Spectrum" 55% of the difference between earnings and the bottom baseline of a $650,000 loss. Sears Centre GM Ben Gibbs said that Global Spectrum "has turned a profit in all but one of its years at the arena" (Chicago DAILY HERALD, 10/29).
