Jackson promoters AEG may make money

WENN

Michael Jackson's tour promoters AEG may still make money from his cancelled comeback shows.

Chief executive Randy Phillips confirmed that the company would not be left bankrupt by the last-minute cancellation of 50 dates at London's O2. Meanwhile, demand for commemorative material, such as tickets for the axed show, may end up leading to a profit for the company.

"For the record, this great company I work for is not bankrupt," Phillips told the Los Angeles Times. "They're not going out of business and they're certainly not in trouble. I'm heartbroken, but the company is fine."

AEG offered ticket holders for the Jackson concerts their money back or a special souvenir ticket featuring a 3-D image of the singer. Around 40% to 50% have chosen the ticket so far. If that number remains steady, Phillips confirmed that the company will break even.

Phillips said that AEG had an $17.6 million insurance policy for the first 23 shows, which may pay out depending on the coroner's determination of Jackson's death. "If it was an accidental death, then we have a claim," he revealed.

The chief executive admitted that the company will struggle to fill the empty dates at the O2 this summer, but claimed that plans are underway for a tribute show featuring the original 'This Is It' staging and choreography.

Phillips and show choreographer Kenny Ortega have both stated a desire to have Jackson's "last great work" go ahead live and on DVD. Phillips claimed that he had been contacted by "everyone you could think of" about the potential tribute show.

He also confirmed that AEG will get a cut from any profits made for rehearsal footage, which are currently in a vault at LA's Staples Centre.