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Hoffman Estates approves 10‑year Now Arena management deal with Oak View Group including $1 million capital contribution
Summary
The village approved a second amended agreement extending Now Arena management with Global Spectrum LP (Oak View Group) through a 4‑year initial term and two 3‑year renewal options (10‑year potential), a modest base fee increase, and a $1 million capital contribution with payback provisions on early termination.
The Village of Hoffman Estates approved on Dec. 15 an amended management and commercial-sales agreement with Global Spectrum LP doing business as Oak View Group (OVG) to manage Now Arena.
Staff summarized the negotiated changes: an initial four‑year term with two three‑year extensions at the village’s option (a 10‑year maximum term), a modest increase in the base…
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