Call it the Tsongas Center at UMass-Lowell.
The University of Massachusetts at Lowell took ownership of Tsongas Arena today, with plans to improve the 12-year-old facility and return it to profitability by attracting major events.
UMass-Lowell bought the 6,500-seat arena from the city of Lowell, the owner since it opened in January 1998. The arena is currently valued at $24 million.
The school purchased the arena for $1, relieving Lowell of its $1.3 million in annual operating costs. The city also will receive $800,000 under the acquisition approved by the state Legislature and Gov. Deval Patrick.
The deal also features a land swap, with the school getting a parcel next to the arena to develop commercially, and the city getting four acres of university-owned land on Pawtucket Boulevard.
UMass-Lowell has agreed to $5 million in improvements. The school said it has already installed a 400-foot electronic “ribbon” board around the inside of the arena to display messages and ads. A new video scoreboard, sound system and exterior marquee are in the works.
The upgrades will include an interactive exhibit paying tribute to the late U.S. Sen. Paul Tsongas, for whom the arena is named.
“I am pleased to see that the new name and logo honor that legacy and that UMass-Lowell is bringing a new vitality to the facility,” said U.S. Rep. Niki Tsongas, in a statement.
The arena is home to two hockey clubs, the UMass-Lowell River Hawks, a Division 1 team that competes in Hockey East, and the Lowell Devils, the American Hockey League affiliate of the New Jersey Devils.
The first big booking under new ownership will be an April 29 concert headlined by hip-hop star Drake, who performed with Eminem and Lil Wayne on Sunday’s Grammy Awards show.
“UMass-Lowell is improving the facility and plans to bring top entertainment, athletic and other events here to benefit not only our students but the entire region,” said Chancellor Marty Meehan, who led a grand reopening ceremony today.
