Steve Rehage-Live Nation dispute reason for Voodoo Fest cancellation

LINK

quote:

---

Voodoo’s founder and minority owner says the festival’s fate was essentially sealed 18 months ago, when he declined to sell his 49% share to Live Nation Entertainment for less than what he thought it was worth.

According to Rehage, he was then told that Live Nation would not stage another Voodoo without owning it outright

---

.

quote:

---

In response, Rehage suggested Live Nation “make their best offer and include an option to purchase under the terms offered.”

The option to purchase, he said, was “immediately rejected and they countered asking me to provide an acceptable number.”

Rehage provided an independent valuation of the festival to justify his asking price. Live Nation, he said, “did not agree with the valuation.”

---

It costs Live Nation $150K to not stage Voodoo at City Park due to a nonrefundable deposit and they have several years left on the lease per the article. $150K/year is what I’m assuming.

I like Voodoo, always have. Hope they figure it out.