(CelebrityAccess News Service) — Vince Power, chairman of Mean Fiddler, has sold 16.2% of the company to Irish promoter Denis Desmond, making Desmond director of the company and giving him a seat on the board of Mean Fiddler Music Group. Power now retains 34.9% of the company and takes £4.5 million ($7.9 million).
Desmond’s interests in Brixton Academy, Shepherd’s Bush Empire and V Festival now complements Mean Fiddler’s London venues the Mean Fiddler, Astoria, G-A-Y, the Forum, Garage, Jazz Café, its latest acquisition, Borderline, and festival operations of Reading, Leeds and Glastonbury festivals.
"We are very pleased to welcome MCD as a major shareholder in Mean Fiddler," said Power. "I have known Denis for over 20 years and have always respected him as a competitor. Together we can work to deliver value to Mean Fiddler shareholders through increased bargaining power with both artists and suppliers."– Jane Cohen and Bob Grossweiner