AEG Live, the company that persuaded Michael Jackson to sign up for 50 nights at the O2 arena, is facing a liability of up to £300m and a dark house for the next nine months.
Reinsurance magazine, which found that there was low demand in the London insurance market for the policy to cover all dates promoted by AEG Live, placed the liability at about £300m.
The first ten concerts are believed to have been placed on the London insurance market at a value of £80m. Phillips had assured insurance brokers that doctors had spent five hours with Jackson, taking blood tests. 'He’s a vegetarian, he’s in great shape,' Phillips said. 'The insurance cover, we are working on that now.'