Just a day after well-known festival organiser Future Entertainment folded, its South Melbourne headquarters has been purchased by famous music promoter Michael Gudinski, who is expected to breathe new life into the venture.
According to sources, the sale of the business is worth around $3 million, with Future Entertainment’s intellectual property including Summadayze and the Future Music Festival. The sale to Mushroom Group, which is owned by Gudinski, was arranged ahead of the collapse, according to those involved in the deal.
The property was purchased by Future director Jason Ayoubi in 2007 for $1.55 million. A recent valuation by the City of Port Phillip, however, assessed the property at $1.75 million.
It is not certain whether Mr Gudinski will continue to support the Summadayze festival which has been staged on New Year's Day in Melbourne in past years. The event was founded in 1999, and has been a highlight on the annual music calendar for many, with major international acts such as the Chemical Brothers and Groove Armada appearing.
Michael Gudinski founded Mushroom Records in 1972, and has been a premier promoter of Australian talent for decades. The company entered a partnership with the Warner Music Group in 2005 in a deal worth approximately $10 million, before he bought back the total portfolio in 2010, making Mushroom fully independent once again.
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