US EditionBREAKING - Budapest's Sziget Festival faces extinction unless new investor is found urgently
8 Articles
8 Articles
The future of the Sziget Festival has become uncertain after the company's current management terminated the agreement with the left-liberal-led capital. However, founder Károly Gerendai may return to the scene. "Although this is not how I imagined my coming years until recently, in the current situation my firm goal is to find a solution to ensure the long-term existence of Sziget," said the former chief organizer of Sziget.
At the same time, they would like to cancel their land occupancy permit with the capital, as next year's payment obligation would exist even if there was no event.
The future of Sziget has become uncertain after the festival's CEO announced that he was forced to terminate the land acquisition agreement with the capital. Mayor Gergely Karácsony, who announced the news, wrote that he was confident that the termination does not mean the end of an era, but the beginning of a new one, and that the future of Sziget can be secured commercially in a way that preserves the values of the festival. Sziget Zrt. has a …
Negotiations are underway about the Sziget Festival and the return of Károly Gerendai.
On Monday morning, we wrote that the CEO of the Sziget Festival had initiated the termination of the agreement with the capital. This was revealed in a Facebook post by Gergely Karácsony. After the article, the Sziget Cultural Management Office Zrt. wrote a statement: “We have indeed turned to the Budapest Municipality with the request to terminate our land acquisition permit, which expires next year, by mutual agreement. The reason for this is …
BREAKING - Budapest's Sziget Festival faces extinction unless new investor is found urgently
American investors are pulling out from behind the Sziget Festival due to uncertainties in Hungary, but the festival may still be saved with new owners stepping in. Fragile future for the Sziget Festival The American private equity firm KKR, which bought Luxembourg-based Superstruct Holding (the current owner of the Sziget Festival) in 2024, has decided to withdraw from the festival, citing the unstable situation in Hungary. This led to the term…
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