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£100 Million loss due to the 360 Tour Delay


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Now that's a lot of cash:

 

U2 are reportedly facing losses of up to £100 million ($148 million) as a result of the cancellation of their world tour this year, brought about by Bono undergoing emergency back surgery.

 

U2’s mammoth 2010 world tour was put on hold, and a headlining slot at Glastonbury was cancelled, after Bono was admitted to hospital last month. The effects on their bank balance look set to be severe.

 

The band’s manager Paul McGuinness told The Sun, “If we play or not, touring still costs us £500,000 ($741,000) a day.â€

 

A band insider is also quoted as saying, “Bono and the band are covered by insurance but the costs of overheads and missed revenue could easily reach £100 million by the time he’s fit enough to tour again.â€

 

News of U2’s tour deficit comes days after it emerged that bass player Adam Clayton is to sue the band’s financial controller for alleged negligence.

 

Meanwhile, the band are set to announce their rearranged tour dates this week. The Edge has previously stated that live dates would resume in August.

 

 

http://networkedblogs.com/4VNIl

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Ouch - that is a lot of money. I am guessing that when the tour is up again and the rescheduled dates are done some of that can be clawed back.

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I suspect the extended rumored Japan, Austrailia, South America ect will become a reality. With those sort of losses it makes perfect sense to pick them back up in lucrative territories.

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From @U2.com

 

Bono's back injury could cost U2 € Â¦Â£100million

Published: June 17, 2010

 

BONO's back injury could cost U2 € Â¦Â£100million. The rock Lord needed emergency surgery after becoming paralysed - forcing the band to cancel the start of the US leg of their 360€ Â¦Â° Tour and their headline slot at Glastonbury.

 

Bono has been told to rest for two months. But 17 cancelled tour shows costs money.

 

A source said: "Bono and the band are covered by insurance but the cost of overheads and missed revenue could easily reach € Â¦Â£100million by the time he's fit enough to perform again."

 

U2's manager PAUL McGUINNESS added: "If we play or not, touring still costs us € Â¦Â£500,000 a day."

 

My fag packet maths estimate those costs alone at € Â¦Â£28million and leaves a loss of € Â¦Â£4.5million per show.

 

A music money expert tells me the band are getting around € Â¦Â£2million per show plus a share of the profits in a deal with promoter Live Nation.

 

New dates for the postponed US gigs will be announced this week.

 

Let's hope Bono, who's taken delivery of lumbar cushions and special car seats, gets better pronto.

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