Audio By Carbonatix
The six bosses at one of the firms involved in the controversial ticketing and promotion of Oasis' reunion tour have received a £14.8m total dividend for 2023.
The directors got the payout after the firm, SJM, made a £11.8m pre-tax profit, according to its accounts for last year, posted on Thursday.
The payout, which is unrelated to next year's Oasis tour, comes as the band, the competition watchdog, and MPs hit out at a number of companies over the dynamic ticket pricing set for the gigs in the UK and Ireland.
The row erupted after fans found they were being asked to pay about £350 for some tickets that were originally advertised as being priced at around £150.
SJM declined to comment on the dividend payment.
The company also promotes and sells tickets for a range of other gigs and shows from artists including Harry Styles, Coldplay, and Little Simz.
The dividend from SJM's accounts is for 2023, a period in which sales climbed to £286m from £275m in 2022.
The payout for the six directors was more than double the £7.35m dividend the previous year.
The revenue from 2023 does not include fees for promoting Oasis' tour, which experts predict could be substantial.
Birmingham City University estimated the initial tour dates may bring in roughly £400m in ticket sales and other add-ons, with SJM taking a cut of that.
Headed by ticket promoter Simon James Moran, SJM is one of several companies involved in the promotion of the Oasis reunion tour and the selling of the tickets.
The businesses involve companies which all have links to LiveNation, the US multinational which owns Ticketmaster.
The other two promoters are MCD Promotions and DF Concerts. In addition, SJM owns gigsandtours.com, which was one of the three three ticket sellers alongside Ticketmaster and SeeTickets.
The official competition watchdog has launched an investigation into whether the sale of Oasis tickets breached consumer protection law, stating it had "concerns over whether buyers were given clear and timely information".
Oasis said they had "at no time had any awareness that dynamic pricing was going to be used" in the sale of tickets for the initial dates.
Meanwhile, Culture Secretary Lisa Nandy said she wanted to ensure tickets were sold “at fair prices”.
Irish politicians also criticised the sale after some standing tickets at Croke Park in Dublin rose from €176 (£148) on pre-sale to more than €400 (£337).
Latest Stories
-
Indonesia rescuers battle turbulent seas in search for 129 people after passenger ship capsizes
4 minutes -
Iceland’s last whaling company shrugs off threat of permanent ban
10 minutes -
‘Out of the abundance of the heart, the mouth speaks’ – GBA President on CJ’s SOEs comments
12 minutes -
Member of UK Armed Forces dies in road traffic incident in Ukraine
14 minutes -
Mahama to honour GAF Engineers Regiment with Order of the Companion of the Volta
17 minutes -
Agbodza demands quality, value for money in Accra-Kumasi Expressway construction
19 minutes -
Companies left China to dodge tariffs, now some are heading back
19 minutes -
Bali police investigate after Australian man and children found dead in home
19 minutes -
Government will not borrow to fund Accra-Kumasi Expressway – Ato Forson
27 minutes -
‘Judicial Service’s defence of Chief Justice was lacklustre’ – GBA President
29 minutes -
Etihad Airways sees strong demand, higher passenger capacity despite Iran war, CEO says
32 minutes -
AirBaltic files for Chapter 11 bankruptcy as Iran war costs bite
33 minutes -
COPEC calls for strategic fuel reserve to reduce dependence on tax cuts
38 minutes -
GAF hands over 175.6km right-of-way for Accra-Kumasi Expressway construction to gov’t
38 minutes -
GFA rejects claims Medeama, Nations FC exits expose GPL weakness
39 minutes