A deal for Australian promoter Paul Dainty and Virgin Music to promote a North American Rolling Stones tour of a confirmed 18 shows has fallen through, and AEG Live has stepped in to promote the shows, sources tell Billboard. The Stones will still roll and an announcement for the tour -- which still has not been officially confirmed -- will likely come before the end of the month.
Billboard.biz said in a March 7 article that Dainty/Virgin would promote the run, and sources confirm that a deal was in place. But now sources say the promoters couldn’t come to financial terms with the band on a guarantee believed to be in the $80 million range. According to sources, AEG got the deal done today, even after AEG CEO Tim Leiweke stepped down on Thursday.
Dainty and Virgin ponied up an estimated $25 million to present the band’s 50th Anniversary shows late last year at the O2 in London, Barclays Center in Brookly n, and Prudential Center in Newark, N.J. Those five shows grossed a total of $38,687,010 and sold 73,702 tickets. While that would seem like a strong profit, margins on Stones shows are especially tight, given the huge production values and other show costs; a pay-per-view live broadcast from the Newark show that was part of the deal did less-than-spectacular business, according to sources.
The deal for Dainty to promote this year’s shows was agreed to in principle, and the promoter tried to bring together a wide range of other promoters for financial support, but ultimately Dainty couldn’t deliver a deal that was palatable to the band.
Reps for AEG and Dainty could not be reached for comment at press time.