LONDON (CelebrityAccess MediaWire) — After a week of rumors of a close brush with cancellation due to financial problems, Spain's popular Benicàssim Festival is set to go ahead after promoter Vince Power sold a large part of his stake in the festival to Denis Desmond's MCD Productions and SJM Concerts.
According to a statement, Denis Desmond announced that they have acquired a majority share of Benicàssim's parent company Maraworld SA. Power still has a stake in the festival and will continue as managing director until August. Terms of the sale were not disclosed.
A statement from Power said, "The difficult economic climate coupled with the bad year suffered by Music Festivals PLC has prompted my decision to sell a major shareholding in Benicàssim festival. I am pleased that two of Europe’s best known festival promoters are now taking part."
Power regained the Benicassim Festival from the administrators overseeing the bankruptcy of Power's former company, Music Festivals Inc late last year. Music Festivals went into administration, akin to bankruptcy in the U.S. in September of 2012, citing a tough 2012 festival season. Power had earlier attempted to raise cash with a public offering but it proved insufficient to counter the poor performance of Music Festival events such as Hop Farms in the U.K. Power's previous venture, the Vince Power Music Group also went into administration in 2010.
Benicàssim is set to take place from July 18-21, featuring a list of headliners that includes: The Killers, Queens of the Stone Age, Primal Scream, Dizzee Rascal and Liam Gallagher’s ‘Beady Eye.' – CelebrityAccess Staff Writers