Shares packages for Tramlines Events Ltd were put on sale by Music City Foundation (MCF), a Sheffield based not for profit organisation that wants to “buy back the festival for the people.” Tramlines Events Ltd, the promoter of the Sheffield festival, has agreed in principle to the £1.2 million buy-out subject to shareholder approval.
MCF already owns 15% of Tramlines Events and plans to buy out all of its shares with half of the bid price raised through a crowdfunding campaign. Share packages start at £200. MCF has until June to raise the £600,000 required and then the proposal will go to the Tramlines board.
MCF hopes to take over the running of the festival from next year following concerns that if it was bought by a private investor, it may be relocated out of the city centre.
This year’s festival on 21 – 23 July is headlined by Primal Scream, The Libertines, All Saints, Toots & Maytals, Metronomy and Kano.