GERMAN PAN-Europeticketing and promotion giant CTS Eventim has stepped in to support the country’s largest promoter Barracuda Groupo after a bank which holds €34 million ($40.6m) of its deposits was ordered to stop operating in July.
Austria’s Financial Market Authority instructed Commerzialbank Mattersburg (CM) to cease trading, including all withdrawals, while it investigates alleged accounting fraud at the bank, which could involve the overstatement of its assets by €500m ($580.7m).
According to banking transparency website thebanks.eu, CM is a small regional bank which, in 2018, was 98th largest in the country with just 0.1 per cent of market share. Its assets stood at €795.16m ($923.6m).
CTS says in a statement that it is providing support for Barracuda of an undisclosed amount following its purchase of a 71 per cent share of the company in January.
“Barracuda, one of the most creative concert promoters in Europe, has been a member of our corporate family since early 2020,“ says CTS CEO Klaus-Peter Schulenberg. “The team around Ewald Tatar, Barracuda’s MD, can rely on us totally in these turbulent times.
“Both CTS Eventim and the Barracuda Group will take any steps necessary to protect our rights in respect of the current situation at Commerzialbank Mattersburg.”
Barracuda works with artistes including Elton John, the Rolling Stones and Metallica, as well as running festivals Frequency (cap. 120,000) and Nova (55,000).
Both the company and CTS declined to comment further.