Live Nation and DF Entertainment to operate Luna Park in Buenos Aires

Live Nation and its subsidiary DF Entertainment have secured a 40-year deal to operate Luna Park in the Argentine capital of Buenos Aires.

Live Nation and its subsidiary DF Entertainment have secured a 40-year deal to operate Luna Park in the Argentine capital of Buenos Aires.

The pair won an auction to manage the venue, which has stood since 1932 and has a capacity of 8,400.

They are set to invest $34m (£26.8m/€32.2m) into the arena to increase its capacity to 13,000 in a bid to rival the city’s 15,000-seat Movistar Arena.

The agreement is for an initial 20 years with an option to extend it for a further two decades.

The firms are set to pay the stadium owners a $1m premium and guarantee a minimum of $1m in annual profit.

Any renovation work would come with complications as the venue is declared as a national historic monument and is also located in a historic protection area, with both its façade and structure protected by law.

Therefore, the two are said to be planning to preserve the historic front but build a new stadium inside.

Since 2013, Luna Park has been owned by two branches of the catholic church. It has welcomed international acts such as Placebo, Interpol, and 5 Seconds of Summer.

Buenos Aires-based DF Entertainment was founded in August 2015 by promoter Diego Finkelstein before Live Nation bought a majority stake in the company in 2018.

It runs Lollapalooza Argentina and is the exclusive promoter of concerts at Estadio Mâs Monumental.