The National downtown concert venue was sold in late September. Photo by Evelyn Rupert.
The former owners of the National, the downtown concert hall that was sold last month for $6.7 million, will stay on to manage the venue following the sale.
Bill Reid, who along with Rick Mersel opened the National in 2008, now works for AEG Live, the California entertainment giant that purchased it on Sept. 30.
Reid, now a vice president at AEG, said on Wednesday that the deal will allow the National to diversify and expand its shows.
“We’re going to draw on their influence and expertise,” Reid said of AEG.
For example, Reid said, “We don’t know anything about Hispanic bands, but they have a whole office dedicated to Hispanic acts.”
The deal brings a new deep-pocketed owner to the National. AEG Live is part of the same company that owns the Staples Center where the L.A. Lakers play, and it also puts on the annual Coachella music festival in California. That clout will help the National get sponsorships from bigger companies, Reid said.
Reid said the National isn’t making any staff changes and no major renovations are planned for the space. Reid said the only change for the downtown concert venue will be the number of acts it books.
“Shows will increase 20 percent,” he said. “There will be bigger and more bands coming to Richmond. Our job is to book that place 365 days a year.”
Reid and Mersel opened the National at 708 E. Broad St. in 2008 after a $15 million renovation. It has a capacity of 1,500 and hosts about 150 shows a year, AEG said.
The National was most recently assessed by the city at $11.06, leaving a difference of about $5 million from the recent sale price.
Reid said the final price was not influenced by a nearly year-long lawsuit that had been filed against him and one of the other former majority owners of the National. The suit was filed by a group of minority investors who questioned the way the business and its finances were being managed.
The suit was dismissed in conjunction with the sale after the minority investors were bought out.
Reid and Mersel also opened and owned the Norva, a similar venue in Norfolk that they sold to AEG last month for $5.9 million.
The National downtown concert venue was sold in late September. Photo by Evelyn Rupert.
The former owners of the National, the downtown concert hall that was sold last month for $6.7 million, will stay on to manage the venue following the sale.
Bill Reid, who along with Rick Mersel opened the National in 2008, now works for AEG Live, the California entertainment giant that purchased it on Sept. 30.
Reid, now a vice president at AEG, said on Wednesday that the deal will allow the National to diversify and expand its shows.
“We’re going to draw on their influence and expertise,” Reid said of AEG.
For example, Reid said, “We don’t know anything about Hispanic bands, but they have a whole office dedicated to Hispanic acts.”
The deal brings a new deep-pocketed owner to the National. AEG Live is part of the same company that owns the Staples Center where the L.A. Lakers play, and it also puts on the annual Coachella music festival in California. That clout will help the National get sponsorships from bigger companies, Reid said.
Reid said the National isn’t making any staff changes and no major renovations are planned for the space. Reid said the only change for the downtown concert venue will be the number of acts it books.
“Shows will increase 20 percent,” he said. “There will be bigger and more bands coming to Richmond. Our job is to book that place 365 days a year.”
Reid and Mersel opened the National at 708 E. Broad St. in 2008 after a $15 million renovation. It has a capacity of 1,500 and hosts about 150 shows a year, AEG said.
The National was most recently assessed by the city at $11.06, leaving a difference of about $5 million from the recent sale price.
Reid said the final price was not influenced by a nearly year-long lawsuit that had been filed against him and one of the other former majority owners of the National. The suit was filed by a group of minority investors who questioned the way the business and its finances were being managed.
The suit was dismissed in conjunction with the sale after the minority investors were bought out.
Reid and Mersel also opened and owned the Norva, a similar venue in Norfolk that they sold to AEG last month for $5.9 million.