And the man behind the scheme will be US oil tycoon Phillip Anschutz, best known in the sporting world for his role with the LA Lakers NBA team.
The UK government gave the venue away in exchange for a slice of revenues, which it hopes will total more than £550m ($805m/EUR859m) over the next 20 years.
Anshutz's AEG - part of the Meridian Delta consortium - intends to spend £135m ($197m/EUR211m) transforming the venue.
Said Timothy J. Leiweke, president of AEG: "The successes we have achieved with Staples Center, our sponsorship and concert promotion companies as well as our real estate and development divisions make us uniquely qualified to create an entertainment, sports and leisure destination that will be second-to-none anywhere in the world. We look forward to working closely with the British government to together build our vision."
London's controversial Millennium Dome is to be turned into an entertainment centre - featuring a 20,000-seater sporting arena - by the team behind the US' Staples Center (pictured).
