AEG 'could face £300m Jackson loss'

AEG Live could face a £300 million insurance liability as a result of Michael Jackson's death, it has been claimed.

The concert promoter had said that it would consider "self-insuring" the artist for his planned 50-date residency at London's O2 arena after struggling to find a firm to take on the risk.

According to The Times, the company had placed the first ten Jackson concerts on the London insurance market for a total of £80 million.

An AEG source told the Evening Standard: "The fans will be looked after, but right now it is not at the top of the list - it's just a few hours since everyone heard the news."

Ticket reselling company Seatwave is also said to be facing problems following Jackson's death after selling approximately 10,000 tickets for the shows for more than their face value.

A message on the firm's website read: "We at Seatwave are saddened by Michael Jackson's death. Our condolences go to his family and we appreciate the great legacy he has left us."

Fans who bought tickets through Ticketmaster will reportedly benefit from the company's policy to refund the full price of the ticket plus its booking fee.