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.
There was also a desire 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, 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 Anschutz 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, which stated 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.
Some of the land is already being developed for offices and shops.
Some of the land around the dome is being reserved for possible extended developments for The O2, including a hotel, although the building of much of the extended development depends on how much investment can be made by AEG (See below section about possible future developments for details).

In 2008, the functions of English Partnerships were transferred to the Homes and Communities Agency.
Ravensbourne, a specialist art and design institution previously located in Chislehurst, moved to a new campus built immediately adjacent to The O2 in September 2010.
The David Beckham Academy football school ran nearby from 2005 to 2009.

The cost of developing the whole Greenwich Peninsula area was estimated at 4 billion pounds in 2006.

As part of the investment programme, naming rights were sold to O2 plc, and 'The O2' became the official name of the project on 25 May 2005.
The £6 million per year deal between O2 plc and AEG included priority tickets and reserved VIP accommodation for O2 mobile customers.
The service was also made available to premium ticket holders.
O2 plc started talks with AEG in 2005 to have its logo and branding placed on the roof of the dome, but this did not take place.
AEG have constantly stated that they wish to abolish the 'Dome' name due to its reputation as a failed project, being tagged as 'The White Elephant.'
Since its opening, there have been signs of the press and public calling it The O2.
It is currently the largest entertainment district in London.
To mark its opening, AEG spent £6.5 million on a mass advertising campaign, led by VCCP, throughout Europe to promote The O2.
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. There was also a desire 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, 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 Anschutz 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, which stated 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. Some of the land is already being developed for offices and shops. Some of the land around the dome is being reserved for possible extended developments for The O2, including a hotel, although the building of much of the extended development depends on how much investment can be made by AEG (See below section about possible future developments for details).
In 2008, the functions of English Partnerships were transferred to the Homes and Communities Agency. Ravensbourne, a specialist art and design institution previously located in Chislehurst, moved to a new campus built immediately adjacent to The O2 in September 2010. The David Beckham Academy football school ran nearby from 2005 to 2009. 
The cost of developing the whole Greenwich Peninsula area was estimated at 4 billion pounds in 2006.
As part of the investment programme, naming rights were sold to O2 plc, and 'The O2' became the official name of the project on 25 May 2005. The £6 million per year deal between O2 plc and AEG included priority tickets and reserved VIP accommodation for O2 mobile customers. The service was also made available to premium ticket holders. O2 plc started talks with AEG in 2005 to have its logo and branding placed on the roof of the dome, but this did not take place. AEG have constantly stated that they wish to abolish the 'Dome' name due to its reputation as a failed project, being tagged as 'The White Elephant.' Since its opening, there have been signs of the press and public calling it The O2. It is currently the largest entertainment district in London. To mark its opening, AEG spent £6.5 million on a mass advertising campaign, led by VCCP, throughout Europe to promote The O2.
The O2