The tragic passing of Michael Jackson yesterday could spell trouble for the London concert promoter AEG who funded Jackson’s 50 show residency at the O2 which was to start next month.
Billboard.com is reporting that major financial woes could be on the way for the concert giant.
Over $85 million dollars in tickets have been sold for the shows, along with $30 million on production.
Not to mention the $10 million advance Michael received for signing on.
If the autopsy reports show that Jackson died from a drug overdose, or pre-exsisting condition, then AEG will be forced to refund the 750,000 tickets sold for the dates.
Luckily for AEG, they did insure the production cost by having Michael Jackson partake and pass a physical!
Hopefully in the end everyone goes home happy. The fans are refunded, and AEG doesn’t lose too much since it was something out of their control.
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