U2 to Suffer $150 Million Loss Over Tour Cancellation

Music

The band's manager Paul McGuinness says Bono and his bandmate stand to lose up to $150 million from the cancellation of their world tour.

June 17, 2010

AceShowbiz - Rockers U2 stand to lose up to $150 million from the cancellation of their world tour after Bono underwent emergency back surgery, according to a new report. The Irish band were forced to postpone the next leg of their massive trek and scrap their appearance at Britain's Glastonbury festival after the frontman was admitted to hospital for the operation last month.

And the delay is set to cost the band dearly. Their manager Paul McGuinness tells Britain's The Sun, "If we play or not, touring still costs us 500,000 pounds a day." An insider adds, "Bono and the band are covered by insurance but the cost of overheads and missed revenue could easily reach 100 million pounds by the time he's fit enough to tour again."

Editors' Pick

The band is set to announce the rescheduled tour dates later this week.

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