Boris Johnson has approved a contract giving Live Nation free use of Hyde Park and, Victoria Park as concert venues in return for running Olympic screen sites at the parks and Trafalgar Square.
The deal will see Live Nation erect a series of screens at the so-called ‘Live Sites’ allowing Londoners to view the Games and live performances without cost.
In return for “taking on almost all the financial risk” of the sites, the company gains the right to run 12 commercial concerts before the Games at Hyde and Victoria parks.
Live Nation will also be able to run “commercial, Olympic-related concerts at key moments (Countdown Celebration, Opening Ceremony and Closing Ceremony) at Hyde Park.”
It will also benefit from “sponsorship revenue….merchandising, hospitality, and food and beverage concessions.”
City Hall will provide £100,000 ‘in kind’ marketing and support the Live Sites with posters on the London Underground network.
In addition, the Greater London Authority has agreed that Live Nation will have “no responsibility whatsoever for the provision of Policing services, and have no obligation to contribute towards the cost of Policing services” at the free public events.
Commercial rights granted to Live Nation include the holding of Hard Rock Calling and Wireless Festival in Hyde Park.
Earlier this year London Assembly member Kit Malthouse said he was “extremely concerned that people living near Hyde Park will face eight weeks of disruption” due to the concerts and screens.
Speaking in July, Mr Malthouse warned: “If these sites are not properly handled and controlled they could make peoples’ lives a misery.”