sold less than half the tickets organizers had forecast, despite a $1.4 million marketing budget and a partnership with the state’s biggest sports franchise, according to the investor update.
The no-show rate among paying customers hovered over 30%, more than triple that of the Del Mar event. As expenses budgeted at $11 million ballooned to $19 million,KAABOO organizers agreed to split the difference with an entity controlled by the Cowboys and owner’ family, according to the update Because KAABOO “did not have adequate liquidity,” Jones’ group agreed to cover KAABOO’s half of $8 million funding shortfall in a two-year loan to be repaid by 2021.
No longer able to use the name KAABOO, Gordon's company change its name to EventPro LLC and shifted it’s model to focus on event production with contracts in place produce KAABOO San Diego and a new event for Virgin Fest, worth a combined $3.2 million in revenue. The letter also explained that to cut costs, EventPro terminated nearly 50% of its 57-person staff, including high level managers who had produced the festival for a number of years.
Attorneys for Gordon say the letter constituted "breached the Transaction Contracts by, among other things, purporting to terminate its relationship with KAABOO abruptly only four weeks after the Transaction closed,” according to the civil complaint, "failing to transfer the shares of Virgin Fest Investco stock, and failing to pay amounts due under the Transaction Contracts in excess of $300,000.
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