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 Brooklyn, 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.