What do you think about the Isle of Wight Festival being worth £12m if it was sold?
The Sunday Telegraph ran a story headlined “Buy some rock and roll history after the Isle of Wight Festival valued at £12 million”, saying that John Giddings had “received a number of offers to buy the event”, although no formal offer had been tabled.
Now that the council has given the event a
license to have 90,000 people at the site and the festival has a ten-year contract that the council has no right to cancel, it’s not surprising that whispers of it being sold are coming about.
£2m profit/year reported
It’s reported in the Sunday Telegraph that the festival makes £2m a year in profit – the first time we remember seeing that figure in print.
The Conservative Deputy Leader of the council, Cllr George Brown, made a delegated decision back in 2009 to lock the council in to a ten year contract to hire Seaclose Park to John Giddings’ Solo Promotions for £50,000 a year.
