K.K. DOWNING's Share Of Royalty Rights To JUDAS PRIEST Catalog Acquired By ROUND HILL MUSIC
According to Billboard, Round Hill Music has acquired a signifcant stake in JUDAS PRIEST's catalog.
Former PRIEST guitarist K.K. Downing's rights to 136 songs, including classic tracks like "Breaking The Law" and "Living After Midnight", were put up for sale earlier this year. The move followed last year's announcement that original Downing's luxury golf resort fell into administration (similar to Chapter 11 insolvency in the U.S.). As a result, the 320-acre estate, located in Shropshire, England, was put up for immediate sale with an asking price of more than £10 million ($13.5 million).
According to administrators FRP Advisory LLP, who handled the rights sale, Downing's catalog share generates between £250,000 (approximately $337,000) and £300,000 (approximately $405,000) a year.
The latest development comes two years after Downing bought out his Birmingham, U.K.-based partners, stating at the time that he was planning to build a leisure resort around his countryside golf course. The estate has an 18-hole, 71-par championship golf course and a stately home used for charity and corporate events.
Administrators from FRP Advisory blamed "tougher economic times within the wider corporate hospitality market," which had put "unsustainable pressure on the cashflow of the estate under its current financial structure."
The sale was initiated by Alastair Massey and Steve Stokes from financial services firm FRP Advisory which is handling the administration of Ken Downing Ltd.
Back in May, Massey said in a statement: "Ken Downing was a founding member of JUDAS PRIEST and was one of the driving influences of the band's work up to his departure in 2011.
"As part of the administration process, we are selling the rights owned by Ken Downing Ltd. to 136 tracks, which provide a unique investment opportunity."
K.K., who is a founding member of the British heavy metal legends and was part of the group since 1969, announced his retirement from PRIEST in April 2011.
He later shot down as "inaccurate" reports that he left JUDAS PRIEST because he chose to concentrate on running the golf courses on his property.
This past February, Downing said that he was "shocked and stunned" that he wasn't approached to rejoin JUDAS PRIEST following Glenn Tipton's decision to retire from the road due to his battle with Parkinson's disease.