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Live music fans will welcome news that one of Ireland's best known concert venues will be open for business again in December of this year. Redeveloped and refurbished at a cost estimated at over 80 million Euro, bigger acts and stage shows are being promised by the owner Harry Crosbie. Also in a bid to help cover the mortgage payments 02 have been drafted in and the mobile phone company has secured the naming rights to the landmark building which will now be called "the 02". No figures were given about how much it's worth over the multi year term. Ireland's first ever music venue naming rights deal also involves Live Nation, one of the biggest live entertainment promoters in the world. The O2 is a development of the Point Exhibition Company Limited, made up of Live Nation and Harry Crosbie. Live Nation operates over 155 music and entertainment venues across three continents and promotes acts as diverse as Madonna, U2, The Rolling Stones and Jay Z. The backers say it is Europe's first venue, of its size, which is custom designed for live music. It also means that O2's 1.6 million customers will enjoy additional benefits including the ability to purchase tickets up to 48 hours before they go on general release; fast track access to enter the venue; entry to the 'O2 Bars' for themselves and their friends and access on their mobiles to unique content from Live Nation events throughout the world.