LOS ANGELES (CBSLA.com) — City officials Thursday opted to postpone a vote to decide who will control the iconic Greek Theater in Griffith Park.

The Los Angeles Department of Recreation & Parks commission was scheduled to vote on whether Nederlander Concerts and partner AEG will retain the concession contract for the Greek or whether Live Nation/Ticketmaster will take over its management.

Commissioners instead postponed making a decision and will now consider the issue at an Oct. 23 meeting.

In a statement, Nederlander CEO Alex Hodges applauded the decision.

“We are very encouraged that the Recreation & Parks Commission used its discretion to allow additional time to review the proposals more carefully,” said Hodges. “We are also forever grateful to all of the community members including the neighborhood and over 20,000 people who have signed a petition to see this decision made fairly and in the best interests of the City.”

The most recent contract renewal with the city will expire in Oct. 2015.

Nederlander has operated, managed and booked the award-winning Greek Theatre since 1976. Live Nation successfully held its biggest foray yet into the local concert scene with this summer’s “Made In America” music festival at Grand Park in downtown LA.

Named North America’s “Best Small Outdoor Venue of the Year” fourteen times since its construction in 1929, the 5,800-capacity Greek Theatre has received landmark status from the city of Los Angeles and for hosting acts ranging from Neil Diamond, Barry Manilow, and Chicago to The National, Sheryl Crow, and Public Enemy.

This week, Nederlander claimed to have garnered over 12,000 signatures within 24 hours for a grassroots petition to support the organization’s bid to continue operating the Greek.

City staffers have recommended the panel award the contract to Live Nation Worldwide, which would end Nederlander Concerts’ nearly 40 years of operating the venue.

Both Nederlander and Live Nation have pledged to renovate the venue, including overhauls to the Greek’s original 1930s columns, newer concessions and a plan to limit its environmental impact, according to The Los Angeles Times.

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