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Off Air Network

Fortune At Stake For ‘This Is It’ Tour

Posted on: June 26, 2009 By: Meghan ( 0 ) Comments

You might be wondering amidst all this Michael Jackson dying stuff what’s gonna happen to those tickets you purchased to see his last tour? Umm… no one seems to know… but here’s the latest…

More than $85 million worth of tickets have already been sold for the 50-shows at the O2 Arena in London, which makes it the single highest grossing concert engagement of all time. As much as $30 million has been spent already on production costs. AEG paid Jackson an advance of $10 million. Basically, AEG might get screwed if the nonappearance insurance isn’t enough to cover the costs.

…AEG Live CEO Randy Phillips told Billboard May 12 that his company was well-insured. “We have one policy in place and we’re negotiating for an even larger binder,” said Phillips, who couldn’t immediately be reached for comment regarding Jackson’s death. “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.” AEG CEO Tim Leiweke made similar comments in March at the Billboard Music & Money Symposium…

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