July 3, 2013 13:07

Vince Power sells majority share in troubled Benicàssim festival

Organisers say this year's bash is 'in no way affected by the acquisition'

Vince Power sells majority share in troubled Benicàssim festival

Photo: PA

Festival promoter Vince Power has sold his majority share in Spain's troubled Benicàssim festival.

According to a statement, Denis Desmond, founder of MCD Productions and SJM Concerts have jointly acquired a major shareholding in the event's parent company Maraworld SA. Power will remain a shareholder in Maraworld SA and will continue as the company's Managing Director until August 2013.

A statement reads that Benicàssim "is in no way affected by the acquisition and this year’s festival will go ahead as planned 18-21 July 2013." The Killers, Queens of The Stone Age, Arctic Monkeys, Primal Scream and Beady Eye, Dizzee Rascal, and Hurts are just some of the acts line up to appear this year.

A statement from Vince Power reads: "The difficult economic climate coupled with the bad year suffered by Music Festivals PLC has prompted my decision to sell a major shareholding in Benicàssim festival. I am pleased that two of Europe’s best known festival promoters are now taking part."

He added: "FIB is one of the world’s most established and best-loved live music events and I wanted to ensure the future of the festival for many years to come. I am pleased we have found great partners to take Benicàssim forward to its next phase and to guarantee it is secure and solid for the fans, this year and every year. Next year Benicàssim celebrates its 20th anniversary and I look forward to many more memorable festivals in years to come."

There had been speculation that the bash was not going to happen this year, after Power's company Music Festivals PLC went under in September. He later struck a deal with administrators to buy the event back – saying he was "delighted" with the new deal.

Power's Music Festivals company - which was also behind the now-defunct Hop Farm Festival - was worth just £310,000 at the time of its collapse, after this year's Benicassim and Kent's Hop Farm proved to be loss-making, despite pulling in big-name headliners such as Bob Dylan. Power - who owned 23 per cent of the company - propped up Music Festivals PLC with a £750,000 unsecured loan in July, but it wasn't enough to save the business.

Power opened his first venue, The Mean Fiddler, in northwest London in 1982. He launched and backed many more venues and events, including London's Forum and Reading Festival, turning Mean Fiddler into the largest promoter in Europe. In 2002, he took operational control of Glastonbury and sold Mean Fiddler in 2005 for £38 million.

Read More On This Artist

More News
Mogwai's Stuart Braithwaite goes on campaign trail for Scottish 'Yes' vote
Wild Beasts announce special edition release of 'Present Tense' with Foals remix –...
Interpol reveal Paul Banks-directed video for 'Twice As Hard'
Win a chance see Chic featuring Nile Rodgers and write for NME
Rihanna says 'Fuck you' to CBS over use of 'Run This Town' following NFL...
Cat Stevens to tour for first time since 1976
Run The Jewels fans set up Kickstarter campaign to get new album remixed by cats
Paul McCartney to release expanded edition of 'New' including unreleased tracks
September 23 declared David Bowie Day in Chicago
Kasabian's Tom Meighan: 'I'll be buying the new Aphex Twin album the second it...
Royal Blood's Ben Thatcher denounces 'rock 'n' roll' behaviour:...
Serge says next Kasabian album will be heavy and 'bombastic'
Sharon Osbourne to U2: 'You give your mediocre music away because no one wants to buy it'
Footage emerges of Foo Fighters playing instrumental version of new song 'Outside' -...
Frank Ocean recording new album with Hit-Boy and Rodney Jerkins
Entertainment Retailers Association call U2's album giveaway 'as damaging as piracy'
Sky Ferreira compares her collaborative track with Charli XCX to Tatu
Neil Young shares live recording of new song 'Who's Gonna Stand Up' - listen
Oscar-winning musician Hans Zimmer announces first ever UK shows
Hookworms reveal new song 'On Leaving' – listen
Kanye West tells media to 'pick a new target' during Brisbane gig
Crystal Fighters plan charity foundation in honour of late drummer Andrea Marongiu

More News

Comments

Please login to add your comment.

Featured Videos
Latest Tickets - Booking Now
 
Know Your NME
 

 
NME Store & Framed Prints
Most Read News
Popular This Week
Inside NME.COM
On NME.COM Today