“AEG Live, the promoters of Michael Jackson’s 50-date residency at London’s O2 Arena, faces a bill of up to £300 million [$421 million] following the cancellation of the concerts. It is thought the company was unable to get insurance for at least 30 of the concerts – which were due to start next month – after obtaining limited cover for between 10 and 20 of up to £130 million [$183 million]. Insurers declined to take on the financial risk of the shows not going ahead, apparently concerned that the singer, who appeared frail at the unveiling of the concerts in March, would not be able to complete the run. Randy Phillips, AEG’s chief executive, told The Daily Telegraph at the time that the company, which is owned by the American billionaire Philip Anschutz, was willing to ‘self-insure,’ shouldering the potential cost itself.”
Bras Suck!