THE Hammersmith Apollo is to trade hands yet again as owners HMV have agreed to sell the famous venue for £32million.
The company announced this week that it has sold the Queen Caroline Street venue to Stage C which is jointly owned by Ansco Music, a subsidiary of the American magnate Philip Anschutz's Anschutz Entertainment, and a subsidiary of CTS Eventim, a ticketing services provider, of Germany.
Over the past 80 years the 9,000 capacity Apollo has hosted some of the biggest names in music, comedy and theatre including the Beatles, Queen and Peter Kay.
The sale, although conditional on shareholder approval, banking approvals and Stage C securing regulatory approvals, should be completed by August at the latest and will go to paying off the company's existing £168m debt.
Chief Executive of HMV Group, Simon Fox, said: "The Hammersmith Apollo is an iconic London venue and it has been a privilege to own it over the last three years.
"However the sale will enable HMV to extend its bank facilities, strengthen its capital structure and ensure a strong future for the group. AEG has a great track record in running live venues.
"They and their partner buyer CTS Eventim, the leading European ticketing services provider, have impressive and exciting plans for the Hammersmith Apollo and we wish them well."
Opened in 1932 as the Gaumont Palace Cinema, it was renamed the Hammersmith Odeon in 1962 where it hosted legendary acts such as The Rolling Stones and Bob Marley.
In the past 20 years sponsorship deals from beer companies Carling and Labbatt's have seen the venue undergo various name changes until HMV bought it in 2010.
