VALENCIA, Spain (CelebrityAccess MediaWire) — Former Mean Fiddler music mogul Vince Power has reacquired Spain’s Benicassim Festival from the administrators overseeing the bankruptcy of Power's former company, Music Festivals Inc. The sale was first reported by Irish news outlet Hot Press.
Music Festivals went into administration in September, citing a challenging festival season. The company had earlier attempted to raise money with a public offering but was unable to overcome the poor performance of festivals such as Hop Farm in the UK. Power's previous venture, the Vince Power Music Group also went into administration in 2010.
Power said in a statement: "I’m delighted that we have entered into an agreement to acquire the shares of Benicassim Ltd that has secured the future of the festival."
Benicassim is one of the largest and best known festivals in Spain but has been facing competition from both the increasingly crowded festival market and the economic climate in Europe, which is amidst or near recession.
The fate of other Music Festival properties such as the aforementioned Hop Farm fest has yet to be disclosed. – CelebrityAccess Staff Writers