IRISH MUSIC FANS planning a trip to Spain’s popular Benicàssim Festival can rest easy in the knowledge that the event is set to go ahead, after MCD founder Denis Desmond stepped in to buy promoter Vince Power’s majority share.

It follows rumours online earlier this week that it was on the verge of cancellation due to financial problems.

Desmond and SJM Concerts have jointly acquired the major shareholding in the festival’s parent company, Maraworld SA, with Power remaining on as a shareholder and keeping his position as Managing Director until August.

Taking place on Spain’s east coast, the four-day Benicàssim is one of Europe’s top outdoor music events. Some 70 acts are due to play this year over 18-21 July including The Killers, Queens of the Stone Age, Primal Scream, Dizzee Rascal and Liam Gallagher’s ‘Beady Eye’. A statement from Vince Power reads:

The difficult economic climate coupled with the bad year suffered by Music Festivals PLC has prompted my decision to sell a major shareholding in Benicàssim festival. I am pleased that two of Europe’s best known festival promoters are now taking part.

FIB is one of the world’s most established and best-loved live music events and I wanted to ensure the future of the festival for many years to come.

MCD will also run the Oxygen and Longitude festivals here this summer, and Desmond also has a stake in numerous other festival companies – as well as venues like the Olympia, The Gaeity and the Ambassador.

Read: Phoenix Park concerts given go-ahead, subject to strict new conditions

Read: Gardaí respond to MCD criticism – say they stand by their report

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