ISAIAH Laing, CEO of Supreme Promotions — promoters of the annual Magnum Sting stage show — said it will take another $25 million to reach the show’s financial target.
In a telephone interview with Splash yesterday, Laing said he is currently seeking new sponsorship and will have to negotiate a loan from a bank.
Sting is held on Boxing Day, December 26.
For the past two years, Downsound Records CEO Josef Bogdanovich partnered with Supreme Promotions for the show’s staging. However, this year, Bogdonovich withdrew leaving the Sting organisers feeling the pinch.
“Joe was not just a sponsor, but partner and everything to Sting. We all know he comes with a lot of cash and that he spends big. Therefore, him not being on board naturally affects us,” said Laing.
“I am not sure why he didn’t come on board this year but probably it is because he went overboard with pay per view last year and it did not turn out the way he expected it. He probably think it wasn’t lucrative. It takes more than a year to get it right though,” he said.
Last year the event, dubbed as the “Greatest One Night Show on Earth”, was streamed in North America, Japan and England. Laing said. However, this year will be just as exciting as last year.
“We will be streaming via the Internet. Over the years, Sting has still managed to build a reputation and, despite the challenges, we will remain on top. The business of entertainment needs a boost and I have been trying to do that for years,” said the Supreme Ventures CEO.
Sting, now in its 31 staging, has outlived other live events including Reggae Sunsplash, Saddle to the East, and Sashi. The event caters to a hardcore dancehall audience and is known for its lyrical clashes among deejays. Super Cat vs Ninjaman, Beenie Man and Bounty Killer, Stitchie vs Papa San, and most recently Kiprich and Black Ryno, have been some of the most memorable face-offs.