ILMC 30 SL
eps Super Leaderboard 2017
LN Source SL
Ticketmaster ILMC 30 SL
x

The latest industry news to your inbox.

news

Randy Phillips confirmed for SFX 2.0

Phillips, the former AEG Live and Global Entertainment CEO, will head up a board also comprising Charles Ciongoli and representatives of three of SFX's investors

By Jon Chapple on 07 Nov 2016

Randy Phillips, Pollstar Live! 2012

image © Pollstar

After months of speculation, it has been has confirmed that former AEG Live CEO Randy Phillips will take over the running of SFX Entertainment when it emerges from bankruptcy in early 2017.

Buried in a mammoth 241-page court document, filed on Friday, is the news that Phillips (pictured) – listed under his real name, Brandon Phillips – will become SFX’s new CEO and president, with Global Entertainment alumni Charles Ciongoli named executive vice-president and chief financial officer, Alan Walter – presumably rival Insomniac’s current senior vice-president of finance, who also previously served at Global – becoming senior vice-president and Jason Barr remaining as senior vice-president, general counsel and corporate secretary.

The new board of directors for what the court calls the “Reorganized [sic] SFXE” is named as Phillips, Ciongoli (appointed by Phillips) and three money men: Axar Capital Management’s Andrew Axelrod, Allianz Global Investors’ Douglas Forsyth and Carlyle Group’s Nils Larsen.

A hearing to approve the new board and reorganisation plan will take place this Wednesday

Adam Richman, festival director of Electric Zoo, will take a senior role in SFX’s festival divisions as senior vice-president of EZ Festivals and Made Event, while Florida nightclub promoter David Grutman will continue as CEO of SFX Nightlife.

A hearing to consider the new board and reorganisation plan will take place this Wednesday (9 November) at 10am eastern time (15.00 GMT).

Also of note is that Viagogo – which is seeking US$1.6 million from SFX for alleged breach of contract – will be given a vote on the plan of reorganisation. While both parties are clear neither accepts the other’s grievances, Viagogo will nevertheless be eligible to cast a ballot: $1 worth.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

More news

SFX reorganisation plan finally approved Nine months after filing for bankruptcy, dance music group SFX Entertainment has been given the go-ahead to emerge from administration
Viagogo given green light for $1.6m+ SFX suit Judge Mary Walrath has waived the bankruptcy protection afforded to SFX Entertainment, ruling Viagogo can continue with its claim for breach of...contract
Best festival since 2013 for SFX’s Electric ... The three-day EDM event, headlined by Bassnectar, Tiësto and Hardwell, attracted 83,000 festivalgoers and sold out on Sunday 4 September
CMA raids UK Viagogo, StubHub offices The CMA, which is investigating four secondary ticketers, has seized documents in raids on Viagogo UK's HQ at Cannon Place and StubHub's offices on...Tottenham Court Rd
Function(x) furloughs 75% of its employees 22 of 31 employees at Robert Sillerman's new venture have been placed on indefinite leave, with "no assurance" they will have jobs to which to return