CBS News correspondent Claire Leka reports that AEG, the owners of London's O2 Arena, faces having to refund up to £50 million ($85 million) in tickets that have already been sold, following the singer's sudden death yesterday.
On the prospect of refunding the more than 750,000 tickets sold, Billboard magazine quotes one concert executive who called it the "biggest mess in the history of our business."
Billboard also reports that AEG stood to gross as much as $115 million, once merchandise sales were factored in.
In March, the concert promotion company AEG Live, operated by billionaire Philip Anschutz, announced it would promote 50 shows in London. Tickets sold out, with the first engagement set for July 8, and a worldwide tour commencing some time afterwards.
But the opening date was later postponed to July 13 and some shows moved back to March 2010, fueling speculation that Jackson was suffering from health ailments. AEG Live said in March that Jackson had passed a 4 ½-hour physical examination with independent doctors.
With the singer's passing, the Financial Times reports, the 20,000-seat O2 Arena must now contend with a summer during which it will be mostly empty - and losing not only ticket and corporate hospitality sales but also revenue from merchandising, food and beverage concessions.
Financial Times says details are being worked out among AEG Live, Ticketmaster and the Jackson family.
CBS News correspondent Larry Miller reports that AEG may be under-insured to handle the losses on the money it's already spent in preparation of the July debut.
Also losing out: fans who purchased tickets for the sold-out shows perhaps with hefty markups through scalpers or resellers like eBay. They're likely to come out empty-handed.
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