Michael Jackson‘s 50-show run at London’s O2 Arena was set to be the highest grossing single concert engagement to date!!
The concert promoter, AEG Live, went all out on the upcoming production and may be facing some serious financial woes, according to Billboard.
AEG sold $85 million worth of tickets along with $30 million spent on production and $10 million given to Michael in advance.
It is not known whether their nonappearance insurance will cover these unfortunate circumstances.
If Jackson died from a drug overdose or a pre-existing condition, the producer would not be reimbursed and forced to refund 750,000 already purchased tickets.
But if Michael signed a contract stating he would return his advance if he didn’t perform, the promoters could end up in court with a long line of other Jackson creditors.
“We have insured the production costs. In order to get the first part of the insurance in place, [Jackson] had to have a physical, and he passed it with flying colors,” said AEG Live CEO Randy Phillips
AEG Live is the second largest concert promoter in the world.
[Image via WENN.]
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