22-26 Central Intercollegiate Athletic Association Men’s and Women’s Basketball Championship Tournament, an event that had traditionally taken place in Charlotte, North Carolina. (Getty Images) Event moved to Baltimore in 2021 after 15 years in Charlotteīaltimore’s Royal Farms Arena is set to host the Feb. The Nets forward will serve as the co-CEO of Infinite Acquisition with Kleiman.Royal Farms Arena, seen here before a 2015 game between the Maryland Terrapins and Princeton Tigers, will play host to the Central Intercollegiate Athletic Association Men’s and Women’s Basketball Championship Tournament Feb. The two are hoping to raise $200 million, using their successes in the market to entice new investors. Developers plan to expand the arena’s capacity by as much as 10% to 15% and add significant exterior upgrades, including balconies, a plaza, lighting and sidewalk improvements, the Sun added.ĭurant and Kleiman’s off-the-court acquisitions have done exceedingly well in the last few years with stakes in 70 different properties, as varied as Coinbase, the bitcoin exchange SeatGeek, the online ticketing service used by the Nets and Weedmaps, an app that helps marijuana fans find legal dispensaries.Įarlier this month, the two announced they’re setting up a “blank check” company formally known as a “special purpose acquisitions company” (SPAC) called Infinite Acquisition Corp to help them invest further. The Baltimore Sun reported that under the agreement approved Wednesday, the venue would be obligated to host at least 84 events each year, including concerts, trade shows, sporting and civic events, and family shows. Oakview and Thirty Five Ventures has promised it would have 45 percent minority and women-owned business participation throughout the renovation process and reserve at least 25 percent of project investment for minorities. “OVG has proven its reputation for innovation in the venue space, and we’re looking forward to working with them to bring Baltimore Arena and a myriad sports and entertainment opportunities, to life in Baltimore.” “We’re thrilled that the Baltimore Development Corporation has selected our partners at Oak View Group for this groundbreaking renovation,” said Durant and Kleiman. At the time, KD and his partner/agent Rich Kleiman expressed their thanks. The vote follows negotiations between the city and the joint venture that began in June. Renovations are expected to begin in February and be completed by January 2023. Many thanks to Oakview Partners and the best player on the planet for believing in Baltimore. Today we approved the contract to renovate The Royal Farms Arena without use of taxpayer funds. Scott, hailed the vote and added his thanks to Durant. The five-member board voted 4-1 in favor of the city’s lease, development and operating agreement with Baltimore Arena Company LLC, a partnership between Oakview, which operates sports and entertainment facilities and specializes in such renovations, and Thirty Five Ventures, which will be an equity investor in the arena. The city has long wanted to upgrade or rebuild the downtown facility which can seat up to 14,000 fans. In more recent years, it has become mostly a concert and family show venue as well as a site for college and high school basketball. NBA preseason games have occasionally been held at the arena in the years since Bullets moved to Washington. In 1969, it hosted the NBA All-Star Game. The arena, known as the Baltimore Civic Center when opened 60 years ago, was the home of the Baltimore Bullets - now the Washington Wizards - for 10 years between 19, a time when the Bullets featured Hall of Famers Earl Monroe, Wesley Unseld and Elvin Hayes. Durant is a native of Prince George’s County, Maryland. On Wednesday, Baltimore’s Board of Estimates approved a $150 million renovation of the city’s venerable Royal Farms Arena in a deal with facility operator Oak View Group and its partner Thirty-five Ventures, Kevin Durant’s holding company.
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