LN-Gaiety Tucks Into T In The Park

Irish promoter Denis Desmond has rearranged his U.K. business interests by selling part of Scotland’s T In The Park to LN-Gaiety, a company he co-owns with Live Nation, according to people familiar with the matter.

The financial details aren’t available but the Irish entrepreneur, who is believed to hold two-thirds of the 70,000-capacity, award-winning Scottish festival, looks to have sold half of his stake.

Simon Moran’s Manchester-based SJM Concerts, which is said to own the other third, would need to have sold at least half of its holding if LN-Gaiety now has the biggest share.

Desmond, SJM and London’s Metropolis Music also co-own the U.K.’s twinned V Festivals. They’re also shareholders in national venue owner Academy Music Group, as is Live Nation.

It wouldn’t be the first time Desmond has sold his slice of a company to another one he shares with LN.

He and [then] Clear Channel Entertainment chief Michael Rapino set up Hamsard 2786 Ltd., later re-named LN-Gaiety, to buy Vince Power’s Mean Fiddler Music Group in the spring of 2005. Desmond owned about a third of MFMG at the time.

A couple of months ago Desmond ducked Pollstar questions on whether he was shifting all his U.K. business interests to LN-Gaiety.

The deal, which appears to be no more than a shifting of shares between Desmond’s MCD and his co-owned LN-Gaiety, isn’t expected to affect the position of Geoff Ellis, managing director of T-In-The-Park organiser DF Concerts.