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MCD owner in legal battle with former colleague
01 November 2009 By Ian Kehoe
Denis Desmond, the country’s leading concert promoter, is embroiled in a multi-million euro legal battle with his one-time business partner, Eamonn McCann.
McCann, a Belfast-based musician and concert promoter, has initiated High Court proceedings against Desmond, alleging that he is owed millions of euro from their former business partnership.
McCann and Desmond worked with each other for several years and established MCD, the country’s main music promotions company. The partnership broke down a number of years ago, and Desmond took full control of the business.
However, the former business partners have yet to agree on the value of McCann’s stake, and the Belfast prompter is now taking his case to the High Court in an effort to force a deal. It is understood that the two men have very different valuations of the stake.
The case is due to come before the Commercial Court tomorrow morning, where more details will emerge.
If the case goes to hearing, it will reveal the inner workings of MCD, one of the most private businesses in Ireland.
The highly-profitable company has brought a host of major acts to Ireland, including Kings of Leon and Lily Allen.
Desmond is the owner of the Gaiety Theatre in Dublin and is one of the leading concert promoters in Britain. He also has interests in a number of festivals, including Oxegen.
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