|
|
| FotiniD |
Just read this on IORR:
--------------------
Stones part company with Prince
Phillip Inman
Friday May 25, 2007
Guardian Unlimited
The Rolling Stones have waved goodbye, not to Ruby Tuesday, but Prince Rupert Loewenstein, their long standing business manager who rescued them from financial oblivion in the 1970s.
The band, currently rehearsing for a European tour starting next month, said they parted with the banker turned financial adviser on good terms after 37 years together. In a statement the four band members said: "Prince Rupert Loewenstein is no longer taking care of The Rolling Stones day to day business but is currently retained on some aspects of their career.'
It is understood his position will not be replaced and band members will look after their own finances, though he will continue to advise on some of their investments.
The significance of the move will not be lost on those who compile rich lists, in which the Rolling Stones have regularly featured since the Loewenstein took control of their finances. Lead singer Mick Jagger features at number eight in the Sunday Times list of rich musicians with a fortune worth £215m behind Sir Paul McCartney, Madonna and Sir Elton John. Paul McCartney is reputedly worth £725m.
Unlike McCartney, the Stones rely for much of their income from touring, which they have turned into the most spectacular travellling show since PT Barnum's globetrotting circus.
The emphasis on touring dates back to the early 1970s and a disastrous decision to sell their catalogue of 1960s hits, including (Can't Get No) Satisfaction, Paint it Black and Get off My Cloud. The quickie sale was handled by then manager Allen Klein. Band members received £162,000 for rights to their songs.
The writing partnership of Jagger and guitarist Keith Richards were believed to have received more, but not much. In 1971 the Stones sued unsuccessfully to regain control.
In despair they turned to Loewenstein who was working in London under the exotic title inherited from his Bavarian aristocratic family.
A year later he set up a company, Promogroup, in Amsterdam where he sent all the band's royalty income from records, radio, TV airplay and song publishing. Not all the £700m estimated touring income between 1986 and 2006 was channelled through Holland. But the tax avoidance scheme played a key role in their financial recovery. The company gave them the satisfaction of paying just £4m tax on earnings of £240m.
The Dutch accountant who runs Promogroup set up two private foundations to transfer assets tax-free to the heirs of Mick Jagger, Keith Richards and drummer Charlie Watts.
Last year U2 shifted ownership of the band's song catalogue to Promogroup. At the time frontman Bono came under fire for undermining his credentials as a global anti-poverty campaigner. He said he was being tax efficient, like other businesses.
------------
What gives? Do you guys think there's reason to worry? |
|
|
| Gazza |
"It is understood his position will not be replaced and band members will look after their own finances, though he will continue to advise on some of their investments."
Hmm..I think that speaks volumes regarding the Stones' future plans after this year - or lack of them. If they dont need someone to "take care of their day to day business" that would suggest that there'll be little need for such a role in the future.
Funny, but I was under the impression that Cohl had taken over most of Rupert's duties a couple of years ago?
[Edited by Gazza] |
|
|
| MidnightRambler |
Not sure what the point is to let him go--if indeed they are hanging it up in the near future. What's the harm of just letting him stay on till the remaining moments end? |
|
|
| tumbling dice |
quote:
Strange_Stray_Cat wrote:
Let's face it: it is over.
I agree,after european tour the band will be done.It´s almost 45 years,the guys are very old.They gave everything for us.Their music will stay forever.
God bless the Stones,they are my life!! |
|
|
| The jinn, my friend. |
Golly Gosh.
|
|
|
| fireontheplatter |
quote:
Strange_Stray_Cat wrote:
Let's face it: it is over.
dude |
|
|
| IanBillen |
quote:
Gazza wrote:
"It is understood his position will not be replaced and band members will look after their own finances, though he will continue to advise on some of their investments."
Hmm..I think that speaks volumes regarding the Stones' future plans after this year - or lack of them. If they dont need someone to "take care of their day to day business" that would suggest that there'll be little need for such a role in the future.
Funny, but I was under the impression that Cohl had taken over most of Rupert's duties a couple of years ago?
[Edited by Gazza]
____________________________________________________________
Gazza,
You are always one to state that The Stones real activity as a band touring, or recording albums in the studio is for the most part basically over....? How many years are you going to have that outlook?
Yet they continue strong.
No. They are not yet going to retire. No. A Bigger Bang is not their last album. And Yes, they will go on another huge tour, stadiums included. Trust me.
Sure. One of these times indeed your analaysis will be correct. But until then don't take every bit of news you hear about the band so damn negatively.
Ian Billen
|
|
|
| corgi37 |
Bloody hell, the Prince is old. He probably wants to kick back and relax. Fuck me if i'd be working anywhere near 73 years of age.
And yeah, its probably all over. |
|
|
| Highwire Rob |
Where is JB? |
|
|
| glencar |
Wide open... |
|
|
| GotToRollMe |
From Times Online:
http://entertainment.timesonline.co.uk/tol/arts_and_entertainment/music/article1842841.ece
From The Times
May 26, 2007
Rolling Stones banker to step down after 37 years
Adam Sherwin
The aristocratic banker who transformed a near bankrupt Rolling Stones into a billion-pound machine is leaving his role with the band after 37 years. Prince Rupert Loewenstein, a London-based banker, known as the "human calculator", now in his 70s, is stepping down from managing the Stones' day-to-day business.
The band has grossed an estimated $2 billion (£1 billion) under his stewardship, with Sir Mick Jagger's personal wealth estimated at £215 million. The band were deep in debt to the Inland Revenue when Mick Jagger engaged the services of the St James's-based merchant banker in 1970.
According to band legend, Prince Rupert had never heard of his clients. But he immediately got the Stones out of disastrous management and record deals and later secured a $25 million deal with CBS Records.
[Edited by GotToRollMe] |
|
|
| killerbitch |
Does anyone know how old Prince Lowenstein is? I remember the name from
years back, wonder if he and Andrew Loog Oldham are the same age?
And how old is Allen Klein now? Are Phil Spector, Klein, Oldham, and Lowenstein
around the same age?
I saw a picture of Stash recently, you can tell it is him, and he has a long
gray pony tail now. I wonder if he ever got married or stayed single.
|
|
|
| fireontheplatter |
quote:
IanBillen wrote:
lets hope so......i would love to see anohter giants so. |
|
|
| gimmekeef |
Whose going to oversee the suit versus RIM/Blackberry...pricing for RS.COM and other revenue streams?....Watch next week we'll hear U2 has grabbed this old geezer.... |
|
