The death of Michael Jackson has not just shocked millions of music fans across the globe, but left AEG Live, the company that persuaded the King of Pop to sign up for 50 nights at the O2 arena, facing a liability of up to £300 million.
The arena, which was earlier this week preparing to put more tickets on sale for Jackson’s final tour beginning 13 July, now faces being empty for the next nine months.
Michael’s Jackson has not been without controversy throughout his time in the spotlight, nor has he been without his million dollar celebrity endorsements.
The King of Pop was once a brand ambassador for fashionable trainer brand LA Gear, after signing a new deal with record label Sony, reportedly worth $100 million, making it the richest record deal in history.
He also outbid Paul McCartney for the publishing rights to the Beatles songs — which meant every time one of their tunes was played or performed in public, he received half the royalty.
But perhaps most famous was his nine-year deal with PEPSICO, which ended suddenly when Jackson suffered severe burns while filming a TV commercial for the drinks company. The deal, at the time, was worth around $10 million.
The accident made the singer "unbalanced", according to his long time showbiz pal David Gest.
The Jackson brand now lives on through this commercial for Pepsi:
Michael Jackson was also reportedly in talks to launch a Thriller-themed casino in Las Vegas. The casino, slated to open next year, would have been themed entirely on his 1982 international breakthrough song.
Music fans reportedly paid over £1,000 for tickets despite scepticism over whether the frail singer could actually complete all 50 shows.
But despite concerns for the singer’s health and wellbeing, AEG Live said that it was prepared to “self-insure” the shows.
The first ten concerts are believed to have been placed on the London insurance market at a value of £80 million, according to the Times.