Trinity College, Cambridge has acquired London's O2 Arena in a deal worth £24 million.

Trinity College has bought Meridian Delta Dome, the company that holds the 999-year lease of the entertainment venue.

Under the deal, Trinity College will acquire the rights to the rental income paid by Anschutz Entertainment Group, which runs the venue.

Meridian Delta Dome is a joint venture between UK's Quintain Estates and the Australian company, Lend Lease.

Under the deal, Quintain Estates would obtain £11.8 million for the sale of its 49 per cent stake in Meridian Delta Dome.

Previous year rental income at O2 was reported at £1 million.

Michael Jackson's tragic death few days before his concert at the O2 was a severe blow to the Anschutz Entertainment Group. Still the rental income at O2 is expected to rise this year.

Trinity College has assets of more than £600 million, which makes it the wealthiest collage in the University of Cambridge.