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Thu, 16 Jul 1998 17:17:57 EDT
7.14.98 12:00 EDT U2 Fails To Perform In Business
U2 apparently performs better musically than they do financially.
"The London Times" reports that the Irish pop stars are restructuring their
business affairs after a decade of bad investments and poor financial
planning. The paper says the group has lost money on a number of ventures
including millions in a string of combined bowling and laser tag facilities.
Six sites had been planned for Germany in the early '90s, but $13 million
later, the investment was shot down when they discovered that war games using
simulated weapons were illegal in that country.
The last U2 world tour was thought to have been a break-even endeavor at best.
Although they used the same promoter, the same venues and played for roughly
the same sized crowds as the Rolling Stones, sources close to both bands have
told MTV News that the U2 tour most likely only broke even while the Stones
tour made money. The difference was attributed to costs and the structure of
their deals.
According to "The Times," U2 manager Paul McGuinness has replaced the band's
main financial advisor, Ossie Kilkenny, who is also employed by the Verve and
Oasis, with American entertainment lawyer Alan Grubman. Kilkenny will still
audit U2's accounts and handle investments for individual bandmembers.
"The Times" reports that the band is not broke, but they quote management
sources as saying the members are not as rich as they should be. "They have
nice houses and that is about it," said the source.
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I feel sorry for them! poor U2 : (
*I Can't Change The World,But I Can Change The World In Me*
Katelyn
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