The O2 was developed, inside the dome structure, by Anschutz Entertainment Group to a design by Populous and Buro Happold in a £600 million development.
In December 2001 it was announced that Meridian Delta Ltd had been chosen by the government to develop the Dome structure, originally the Millennium Dome, as a sports and entertainment centre, and to develop housing, shops and offices on 150 acres (0.6 km²) of surrounding land. It is also hoped to relocate some of London's tertiary education establishments to the site. Meridian Delta is backed by the American billionaire Philip Anschutz, who has interests in oil, railways, and telecommunications, as well as a string of sports-related investments.
Meridian Delta, a subsidiary of Quintain Estates and Development and Lend Lease, had signed a 999-year lease for the Dome and its surrounding land with the government and English Partnerships, a UK governmental body for national regeneration which was assigned the regeneration of the Greenwich Peninsula. The Dome site was then sub-leased to Anshutz Entertainment Group (AEG), who strongly support Meridian Delta, for a minimum of 58 years. English Partnerships leased the arena directly to AEG Europe for 58 years. AEG would develop and operate The O2 during the length of the lease agreements. The lease agreements were made in the agreement that the government would get a certain percentage of profits through English Partnerships. English Partnerships and Quintain Estates and Development both own land around The O2 on the Greenwich Peninsula. They will release land in stages, to developers, and develop the area in a joint venture with the aid of Meridian Delta.
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