IT will be business as usual at the Manchester Evening News Arena despite a £50m buyout by an American billionaire.

Europe's largest indoor entertainment venue, which last year hosted concerts by superstars including Paul McCartney and Elton John, has been sold with its 1,000-space car park and two office blocks at Victoria Exchange to Denver business mogul Phil Anschutz.

The change of ownership will not affect the M.E.N.'s sponsorship of the 20,000-seat venue, which will continue to be operated by management company SMG Europe.

Philadelphia-based SMG, which is owned by the Hyatt hotel chain and Aramark, one of the world's largest service companies, has a long-term contract to manage the venue until at least 2015.

John Sutherland, senior vice- president of SMG Europe said: "This is simply a change of landlord for us. It does not affect our role. SMG will still be in sole charge of booking the acts and running the Arena.

"It has become a world-class venue under our management, and it's a case of business as usual."

John Knight, general manager, said: "The ticket buying public will notice no difference. They can rely on the reputation and clout of SMG to keep bringing the biggest acts in the world to Manchester."

It was announced last October that the Arena complex was being put up for sale by its then owners Vector Investments, because P&O, one of its biggest shareholders was cutting its property investments.

The deal is the second large investment in the UK for Phil Anschutz's Entertainment Group, which has already agreed to build a £150m arena on the site of the ill-fated London Dome.

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