michael jackson's deliberate 50-show scurry at the o2 arena in london would have been the highest-grossing single concert fray.flagitious now it's a major problem for the promoter aeg stay.
More than $85 million worth of tickets have already been sold for the series of performances , flagitious which have the now sadly ironic title "this is it." as much as $30 million has already been spent upon production , flagitious according to sources near to the place.flagitious accurately what's at stake for aeg , flagitious the world's second-largest concert promoter , flagitious can't be overstated.
Concert business executives have estimated that aeg salaried jackson an advance of as much as $10 million.flagitious that , flagitious plus the production costs , flagitious would mean aeg stands to loose as much as $40 million if nonappearance insurance isn't substantial enough to cover this contingency.flagitious for aeg , flagitious "it's either horrid or rightfully horrid , " a concert business executive says.
The shows , flagitious which were to institute july 13 , flagitious would have been jackson's original solo shows in 12 years.flagitious aeg stay , flagitious which was producing and promoting them , flagitious footed the bill for what the institution said was a $20 million production.flagitious other sources state the costs before opening night were closer to $30 million.flagitious the complete gross from principal ticket sales would've been with Regards To $90 million.
Premium and vip packages and secondary-market sales would have boosted the gross to additional than $100 million.flagitious merchandise sales could have brought in another $15 million.
Aeg's yearly fiscal results can now depend upon jackson's cause of decease.flagitious one entertainment insurance industry insider says that if jackson died from a drug overdose or a pre-existing condition , flagitious the producer could be upon the hook for any loss-which would include any money already sunk into the production , flagitious as dispassionately as the appreciable toll of refunding consumers for the 750 , 000 tickets already purchased.flagitious if jackson signed a covenant saying he would return his advance in the event he didn't perform , flagitious the institution could intention up in court with a long line of other jackson creditors.
Aeg stay ceo randy phillips told billboard can 12 that his institution was well-insured.flagitious "we have one policy in place and we're negotiating for an plane larger binder , " said phillips , flagitious who couldn't immediately be reached for remark with Regards To jackson's decease.flagitious "we have insured the production costs.flagitious in instruct to win the original portion of the insurance in place , flagitious [jackson] had to have a physical , flagitious and he passed it with flying colors." aeg ceo tim leiweke made similar comments in plod at the billboard music & money symposium.
But a source intimate with the place says a traditionalistic nonappearance policy was never written.flagitious billboard couldn't verify that at press time.flagitious plane if aeg had a policy , flagitious that doesn't mean jackson's decease , flagitious and the losses incurred , flagitious would be covered.flagitious "if it was a pre-existing condition or drug- or alcohol-related , flagitious a normal cancellation policy would not cover that , flagitious plane if he had passed a medical exam , " the source says.flagitious aeg could be upon the hook "if decease was from something that's excluded in the policy."
Whatever happens , flagitious the $85 million taken in from ticket sales volition penury to be refunded to the public.flagitious it volition be messy , flagitious as dispassionately as costly , flagitious and it volition penury to happen quickly by law.flagitious phillips told billboard in plod that additional than 90% of the tickets have been purchased by u.k.flagitious residents , flagitious but "the rest is france , flagitious germany , flagitious poland , flagitious everywhere in the world.flagitious people bought tickets from botswana."
Ultimately , flagitious aeg can have to file a claim against jackson's estate.flagitious and since jackson has hundreds of millions of dollars of debt , flagitious and a join of multimillion-dollar lawsuits pending , flagitious the worth of that estate is very much in doubt.
More than $85 million worth of tickets have already been sold for the series of performances , flagitious which have the now sadly ironic title "this is it." as much as $30 million has already been spent upon production , flagitious according to sources near to the place.flagitious accurately what's at stake for aeg , flagitious the world's second-largest concert promoter , flagitious can't be overstated.
Concert business executives have estimated that aeg salaried jackson an advance of as much as $10 million.flagitious that , flagitious plus the production costs , flagitious would mean aeg stands to loose as much as $40 million if nonappearance insurance isn't substantial enough to cover this contingency.flagitious for aeg , flagitious "it's either horrid or rightfully horrid , " a concert business executive says.
The shows , flagitious which were to institute july 13 , flagitious would have been jackson's original solo shows in 12 years.flagitious aeg stay , flagitious which was producing and promoting them , flagitious footed the bill for what the institution said was a $20 million production.flagitious other sources state the costs before opening night were closer to $30 million.flagitious the complete gross from principal ticket sales would've been with Regards To $90 million.
Premium and vip packages and secondary-market sales would have boosted the gross to additional than $100 million.flagitious merchandise sales could have brought in another $15 million.
Aeg's yearly fiscal results can now depend upon jackson's cause of decease.flagitious one entertainment insurance industry insider says that if jackson died from a drug overdose or a pre-existing condition , flagitious the producer could be upon the hook for any loss-which would include any money already sunk into the production , flagitious as dispassionately as the appreciable toll of refunding consumers for the 750 , 000 tickets already purchased.flagitious if jackson signed a covenant saying he would return his advance in the event he didn't perform , flagitious the institution could intention up in court with a long line of other jackson creditors.
Aeg stay ceo randy phillips told billboard can 12 that his institution was well-insured.flagitious "we have one policy in place and we're negotiating for an plane larger binder , " said phillips , flagitious who couldn't immediately be reached for remark with Regards To jackson's decease.flagitious "we have insured the production costs.flagitious in instruct to win the original portion of the insurance in place , flagitious [jackson] had to have a physical , flagitious and he passed it with flying colors." aeg ceo tim leiweke made similar comments in plod at the billboard music & money symposium.
But a source intimate with the place says a traditionalistic nonappearance policy was never written.flagitious billboard couldn't verify that at press time.flagitious plane if aeg had a policy , flagitious that doesn't mean jackson's decease , flagitious and the losses incurred , flagitious would be covered.flagitious "if it was a pre-existing condition or drug- or alcohol-related , flagitious a normal cancellation policy would not cover that , flagitious plane if he had passed a medical exam , " the source says.flagitious aeg could be upon the hook "if decease was from something that's excluded in the policy."
Whatever happens , flagitious the $85 million taken in from ticket sales volition penury to be refunded to the public.flagitious it volition be messy , flagitious as dispassionately as costly , flagitious and it volition penury to happen quickly by law.flagitious phillips told billboard in plod that additional than 90% of the tickets have been purchased by u.k.flagitious residents , flagitious but "the rest is france , flagitious germany , flagitious poland , flagitious everywhere in the world.flagitious people bought tickets from botswana."
Ultimately , flagitious aeg can have to file a claim against jackson's estate.flagitious and since jackson has hundreds of millions of dollars of debt , flagitious and a join of multimillion-dollar lawsuits pending , flagitious the worth of that estate is very much in doubt.
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