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Fortune at Stake on Michael Jackson London Concerts

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Michael Jackson's planned 50-show run at the O2 Arena in London would have been the highest-grossing single concert engagement. Now it's a major problem for the promoter AEG Live.

More than $85 million worth of tickets have already been sold for the series of performances, which have the now sadly ironic title “This Is It." As much as $30 million has already been spent on production, according to sources close to the situation. So what's at stake for AEG, the world's second-largest concert promoter, can't be overstated.

Concert business executives have estimated that AEG paid Jackson an advance of as much as $10 million. That, plus the production costs, would mean AEG stands to lose as much as $40 million if nonappearance insurance isn't substantial enough to cover this contingency. For AEG, “it's either horrible or really horrible," a concert business executive says.

The shows, which were to begin July 13, would have been Jackson's first solo shows in 12 years. AEG Live, which was producing and promoting them, footed the bill for what the company said was a $20 million production. Other sources say the costs before opening night were closer to $30 million. The total gross from primary ticket sales would've been about $90 million.

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