Businesses and music fans are being given the chance to buy shares in Sheffield's Tramlines Festival as part of a £1.2 million crowd-funded takeover bid.
The bid is being put together by not-for-profit organisation Music City Foundation. The price agreed with current owners Tramline Events is said to be below market value in order to encourage investment to secure the future of the metropolitan festival, which was founded in 2009.
The offer will be open until mid June, with registration set to open on Wednesday, April 12, at musiccityfoundation.org. Share packages start at £200.
Music City Foundation plans to buy back the festival for the people,” said director Winston Hazel. “Our aim is to support both economic and cultural growth. Sheffield is one of the most culturally diverse and stimulating cities in the UK. It is the birthplace of Arctic Monkeys, Pulp and Bring Me The Horizon and 7.4% of our population is employed by the creative industries. The national average is just 4%.
"We want to ensure that Tramlines continues to support our vibrant culture while also contributing to the city’s economic success."
Last year, Tramlines generated more than £6m across the city of Sheffield during the festival weekend. This year’s event, which is unaffected by the takeover bid, will take place from July 21-23 and will be headlined by The Libertines and Primal Scream.