Michael Jackson has announced last year a ten show comeback tour originally scheduled for London.
Tickets went on sale during March, with 75,000 tickets selling out in 4 hours. AEG Live (the King of Pop’s promoters), found insurance for the 10-day set of concerts at approximately US$130 million.
But Insurance companies abandony when AEG Live proposed to extended by 7 months the Michael Jackson tour packed with 50 concert appearances.
Insurance premiums for this amazing tour amounted to $500,000. About half a billion dollars to cover tour losses should the 50 year-old superstar who had not performed large concerts in 12 years fail to perform.
Randy Phillips, AEG Live’s Chief executive reported that Michael Jackson was in good health. Insurance brokers had sent their physicians to perform a battery of medical tests including blood tests that took 5 hours to complete.
Mickael Jackson’s lead promoter conclude that AEG Live would come up with the cash to self-insure the extended run of concert dates should insurance companies fail to underwrite the risk.
A recent announcement was made that the initial concert dates had been postponed until 2010. That’s when rumors that Michael Jackson was in poor health accelerated, particularly on the Internet.
His sudden death today due to an heart attack destroys hope of ever seeing the king of pop again…
That’s something no insurance policy could ever protect against…
