A Texas City Councilman has called for a full audit of the Oak View Group after learning that the company signed an agreement with Ticketmaster for more years than originally discussed.
OVG currently manages Corpus Christi’s American Bank Center. During a City Hall, the group reported successful numbers — including a revenue increase of 23% and an economic impact that now seeds $15 million — however, a new piece of information was brought to the table.
Councilman Eric Cantu said he learned that OVG signed a nine-year agreement with Ticketmaster that runs through 2032, although the company’s contract with the city expires in 2027. Originally, OVG told city officials that the deal was for five years.
A representative from OVG360 said they “misspoke on that.”
“I wasn’t trying to intentionally mislead anyone,” the representative said. “We have about 50 contracts to keep track of.”
| READ: Neglect and Scandal: Fair Park Struggles with Maintenance; OVG Controversy |
Cantu, however, did not let this mistake simply pass by, questioning: “Why is OVG 360 signing contracts with Ticketmaster for nine years, knowing they only have a contract for five?” He also questioned how many other contracts the company has signed with for that timespan. The councilman said it is difficult to support additional public funding if these questions go unanswered, since taxpayers are helping cover these costs.
The city’s finances show an projected operating deficit of $475,000 this year. Even with an upcoming naming rights deal with Hilliard, records point to a shortfall of nearly $856,000.
RELATED: OVG CEO Tim Leiweke indicted in bid-rigging scheme related to UT’s Moody Center
| Amid indictment, Leiweke steps down as OVG CEO; Granger steps in |
OVG has been under fire as of late; Tim Leiweke, the arena-building power broker who co-founded OVG with Irving Azoff, pleaded not guilty to a single felony count of conspiring to rig bids for the University of Texas’ Moody Center arena. The longtime executive self-surrendered to federal authorities before his initial appearance in U.S. District Court, where Magistrate Judge Susan Hightower released him on an unsecured $1 million bond and restricted his travel to the continental United States.
