Third company owned by concert promoter Phil Rankine faces court action with Botanic Gardens weighing in
Phil Rankine was feted for holding outdoor concerts in Botanic Park, but now the Botanic Gardens is seeking to wind up one of his companies, adding to a long list of financial woes for the concert promoter.
- Rankine loses $1m debt battle
- Big names chase Rankine for $4 million
- Space Touring loses Court battle
- Concert promoter’s woes bad for the SA music scene
Concert promoter Phil Rankine’s former business empire faces potential ruin on yet another front with the Botanic Gardens looking to wind up another of his companies.
Mr Rankine’s companies, all with a variation on the “Space” theme, have been used for a number of years to run high-profile concerts such as Prodigy, Bon Jovi, Shania Twain and the upcoming Elton John concert.
While Mr Rankine’s concert promotion companies appear to be in dire straits, the Elton John concert will go ahead, with promoter Michael Chugg previously telling The Advertiser that the two December gigs were not at risk.
But the Botanic Gardens’ action against his company Space Events brings to three the number of his companies facing either winding up or court action for debt recovery.
The Advertiser is seeking clarification from the Botanic Gardens of South Australia about the quantum of debt being sought. Space Events has held a number of events in Botanic Park, including the Bon Jovi and Florence and the Machine concerts this year.
A winding up application has been lodged by the Garden, which typically follows a statutory demand for repayment of a debt. Failure to repay that debt or to have the demand set aside brings an assumption that a company is insolvent.
The Botanic Gardens action follows Stirling company Duxton Entertainment lodging a winding up application against Rankine’s company Space Touring, over failure to pay a $1.1 million debt.
Duxton Entertainment is part of a suite of companies managed by commodities trader Ed Peter, including two ASX-listed firms as well as the award-winning Crafers and Uraidla hotels.
Mr Rankine’s company Space Production is also being pursued for $4 million in the Supreme Court with that debt owed to a consortium of overseas investors, including the former head of events for Wembley Stadium in the UK.
Those debts are related to the Florence and the Machine and Phil Collins concerts in Adelaide this year.
Mr Rankine attempted to have the $1.1 million debt owed to Duxton set aside in a Federal Court action, however that bid failed last month.
Duxton subsequently lodged a winding up application.
In the dispute over the $4 million, the applicants are arguing that they put up $3.975 million to finance this year’s Florence and the Machine and Phil Collins concerts, with that money paid to Space Production.
“In the event of a profit, Production was required to pay the investor a percentage of the profits referable to their capital contribution, in addition to the initial capital contribution to be repaid,’’ the court documents state.
The payments were meant to be made within 10 days of the concerts, the documents state.
“Production has failed or otherwise refused to make payment of the total amount of $3,975,968.50, which comprises amounts owing to the plaintiffs pursuant to its obligations under the investor agreements for the Phil Collins and Florence and the Machine concerts,’’ the court documents state
The investor owed the most, Stelling Events, is headed up by Jim Frayling, former head of Music and Events at Wembley Stadium in London.
Mr Rankine and ex-wife Amity Dry sprung to national prominence in 2003 when they starred on the inaugural season of reality TV show The Block.
The Advertiser has tried on numerous occasions to contact Mr Rankine. He did not return a call this morning.
cameron.england@news.com.au