The Isle of Wight Festival is in discussions with the Isle of Wight council to renegotiate their agreement to run the festival on Council land in Newport.
UPDATE1
Proposed terms of new agreement
The promoter, John Giddings is seeking to renegotiate the contract with the IWC.
The core elements are …
- It will run for ten years, with no ability for the IWC to terminate, other than for a breach of the agreement.
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The IWC would receive £50,000/year in place of the current agreement to receive (what we calculate* to be) £57,500/year plus 1.75 percent of ticket sales (excluding VAT and performing rights society fees).
* £230,000 fixed fee over the next four years. Note: The IWC estimate that, “based on past performance of ticket sales, it would not be unreasonable to assume an income of £443,000 over the remaining four years of the agreement.”
- The Promoter would continue to be responsible for reinstating Seaclose Park to its pre-event condition in under six weeks of the event in a normal year. Under what are described as “exceptional conditions,” “two senior football pitches” are usable by 1 October and the rest of the site by the end of December.
- The Promoter would pay an annual bond of £30,000 toward the costs of the reinstating the site.
- If the event doesn’t run for two years in a row the new agreement would be cancelled.
- The Promoter to be responsible for obtaining all statutory licences and consents for the Festival and all matters of health and Safety on the site.
We’re continuing to reading through the details and will report back when we have more.
Image: Auntie P
