Live Nation Puts Foxwoods Theatre Up For Sale

NEW YORK (CelebrityAccess MediaWire) — Live Nation has reportedly put the Foxwoods Theatre, currently home to the controversial Broadway production of Spider-Man: Turn Off the Dark, on the auction block.

According to Playbill, Real estate giant Jones Lang LaSalle Americas made an offering announcement about the venue on Friday, and is working with Live Nation on the sale of "100 percent controlling leasehold interest" of the theatre.

A spokesperson for Live Nation confirmed to Playbill that the theatre was up for sale, telling the trade "While the Foxwoods Theatre is a beautiful theatre with rich history and a very promising future, the venue is ideally suited for Broadway theatrical performances, and most of our similarly situated venues have been sold or otherwise divested in previous transactions. We are exploring our options for this venue as part of our larger strategy of continuing to concentrate our focus and resources on our core business of live music performances and venues."

Considered large for a Broadway theatre, the Foxwoods, the 1,932-seat venue, was completely rebuilt in 1998. Since then, it has served as a home for a number of large scale musicals, including Chitty Chitty Bang Bang, Mel Brooks' Young Frankenstein.

The naming-rights agreement with Foxwoods Resort & Casino is set to expire in May 2013, however the Connecticut casino has been struggling in recent years to manage its debt load and seems unlikely to renew. – CelebrityAccess Staff Writers