After spilling gallons of e-ink detailing the ways in which SFX and TomorrowWorld have hit the skids with no end in sight, we are finally starting to see how a recovery may take shape. As SFX continues to make its way through bankruptcy, rumors are swirling that Q-Dance founder Wouter Tavecchio is leading the reformation. Anonymous sources told Dutch newspaper Die Telegraaf that he will enter a leadership position at the new SFX in exchange for repurchasing shares he previously sold.
Better yet, ID&T’s Bas Meijers is finalizing a similar agreement with plans for the new SFX to become “ID&T plus”. For those not familiar, ID&T is the founder and owner of Tomorrowland, and in many eyes the crown jewel brand in the SFX crown. While ID&T split off in Europe and operates Tomorrowland on its own, the company has always had a vested interest in making TomorrowWorld successful. Disgraced former CEO Robert Sillerman is still involved in the process as well, although his ultimate role is undetermined. He remains on the board and has hopes for a “robust and successful enterprise” to emerge post bankruptcy.
Source: Magneticmag