The Music can reveal festival promoters SFX Totem (Totem OneLove Group) went into administration yesterday.
The news comes after months of uncertainty which included the recent cancellation of both the 2016 Stereosonic festival and Armin Van Buuren’s Australian tour, originally scheduled for next month.
An ASIC Registers search confirmed the news and it is expected that company staff will be finishing up by week's end at the latest.
When contacted by The Music, Totem OneLove Group confirmed that administrators have indeed been appointed.
Two of the original company founders, Richie McNeill and Frank Cotela, sold the company over three years ago to SFX and have since taken on new ventures.
While McNeill has recently announced that he will be launching two new festivals in the next year, one of which will take place in December, Cotela will be developing new events and tours over the next 12 months with ONELOVE, which has expanded its scope to include several new operational arms, including publishing, A&R, management and live touring.
The Music has contacted Totem OneLove Group's consultants for further comment.
