Power Steps Back From Benicassim

Power, a shareholder in festival parent company Maraworld, will stand down as Benicassim’s managing director after this year’s edition July 18-21.

Desmond wouldn’t comment on what he and Moran had paid for their major stake in the festival. Power’s Music Festivals PLC took hefty knocks in 2012, resulting in him putting the company into administration. On Dec. 19 he bought the Spanish festival back from the administrator, but the he’s clearly had second thoughts about his investment.

“The difficult economic climate coupled with the bad year suffered by Music Festivals PLC has prompted my decision to sell a major shareholding in Benicàssim festival,” Power said in a statement. “I am pleased that two of Europe’s best known festival promoters are now taking part. “FIB is one of the world’s most established and best-loved live music events and I wanted to ensure the future of the festival for many years to come,” Power added. “I am pleased we have found great partners to take Benicàssim forward to its next phase and to guarantee it is secure and solid for the fans, this year and every year.” Desmond and fellow investors had previously held a stake in Benicassim but sold out to Power when he floated his Music Festivals on the UK’s Alternative Investment Market in 2011.

“It’s a great festival and it’s a great brand. It’s a jewel in the crown,” Desmond told Pollstar. “It’s been dragged down by the economic climate in Spain, where about 25 percent of the young audience is out of work.” He vowed to see Benicassim restored to its position as Spain’s No. 1 festival, which has recently been contested by the likes of BBK Live and Sonar.

This year’s Benicassim lineup includes Arctic Monkeys, Queens Of The Stone Age, La Roux, Hurts, Primal Scream, Johnny Marr, Dizzee Rascal, and Kaiser Chiefs.