Michael Jackson's Death Leaves Tour Promoter In Tough Spot

Most fans of the deceased Michael Jackson who bought tickets to his 50-date London tour will get their refunds. However, Jackson's death Thursday will bear a potentially heavy burden on AEG Live, the promoter of the tour.

The summer run of concerts that was scheduled to begin July 13 at the 02 Arena, which AEG Live owns and operates, sold 750,000 tickets.

Tickets for the much-anticipated shows ran from 50 to 75 pounds ($83 - $124), however, tickets showed up on eBay priced at 16,000 pounds.

While ticket buyers will get a refund, those who bought from unauthorized dealers may not be covered by the insurance AEG Live took out on the concert tour, according to a British fan-to-fan ticket exchange website, Seatwave.

It has been confirmed that the promotion company, a subsidiary of Anschutz Entertainment Group, has placed some insurance on the concerts in the world's leading insurance market Lloyd's, a spokesman for Lloyd's said. However, Jackson's cause of death may play a factor in their coverage, reports Billboard.

AEG Live chief executive Randy Phillips was quoted in March as saying that he was prepared to insure amid concerns about Jackson's health heading into a rigorous summer schedule. Despite passing a four-and-a-half hour physical exam, concerns persisted until Thursday when Jackson died in his Los Angeles home.

Ticket refunds are just the beginning for AEG Live, who apparently invested $20 to 30 million on the production of Jackson's concerts. Additionally, the company will have to scramble to fill those 50 dates on short notice.

Overall, AEG Live could have up to 300 million pounds in liabilities. Jackson stood to make $400 million in a long-term contract with AEG.