American and Australian businesses have been granted consent to buy the rights to operate Auckland's Vector Arena and are promising to increase the number of shows there.
The Overseas Investment Office approved a deal for America's Live Nation and Australia's MHC Investments to buy all the shares of EVENZ, which owns and controls a leasehold interest in the 2.3 hectares of Auckland waterfront land where Vector stands.
New Zealander Stuart Michael Clumpas is the vendor.
"Vector Arena was constructed and is operated under a development agreement with Regional Facilities Auckland.
"Vector Arena must be transferred back to Auckland Council after 40 years," the decision said.