A Cumberland County board overseeing the operation of the Cross Insurance Arena in Portland has approved a five-year contract with a new management company that could result in more big-name acts and performers at the center.

The contract with Global Spectrum, a Philadelphia-based firm that manages more than 125 arenas – including Cross Insurance Center in Bangor – around the world has been approved by the Cross Insurance Arena board of trustees, but probably won’t be signed for a couple of weeks, said Neal Pratt, the outgoing chairman of the board. He said there are a few loose ends to be tied up in the contract, but the deal is essentially complete.

Pratt said that because Global Spectrum manages so many arenas, the company essentially helps promoters plan concert tours. And that means it can arrange stops in Portland for groups and performers who might have bypassed the city in the past.

He said the company is also expected to upgrade the arena’s marketing.

Since the arena, formerly known as the Cumberland County Civic Center, was built in 1977, it has been managed locally.

The board for the county-owned arena last summer sought bids and received proposals from SMG and Global Spectrum, the two leading arena management companies. After reviewing the bids, the board opted to pursue a contract with Global Spectrum.

Global Spectrum will be paid a base amount of $110,000 a year. That amount will increase annually, based on the rate of inflation. The company will also receive bonuses based on increases in overall revenues, food and beverage sales and a qualitative bonus to be determined by the board.

At the same meeting Wednesday when the board approved the contract, it also elected Beth Edmonds of Freeport as its new chairwoman.

Pratt, who had chaired the board for six years, said he had achieved his three goals as chairman: overseeing the $34 million renovation of the arena; completing a new five-year contract with the arena’s primary tenant, the Portland Pirates hockey team; and selecting a management company. He will remain on the board.