The founders of Stereosonic Festival have filed a lawsuit claiming that SFX Entertainment still owes them $15 million for the sale of their company to them. Totem One Love Group was sold to SFX Entertainment back in October of 2013 for a reported $75 million. Based in Melbourne, Australia, Totem OneLove Group had developed into one of Australia's leading innovators in the dance music scene.
With Steresonic's decision to not return in 2016, SFX Totem, the Australian branch of SFX Entertainment has gone into administration (bankruptcy). During the time of the acquisition, Richie McNeill, Managing Director of Totem OneLove Group had big plans for SFX. He was quoted saying “Bob Sillerman and the SFX team have had a history of being innovative, breaking boundaries and never being afraid to push the envelope. Our vision is global and the SFX team will help us achieve that and we will work to help SFX’s other entities grow here in our territory, Australia and Asia.”
While the future of SFX & Stereosonic don't look good, both Richie McNeill and Frank Cotella have already announced that they have plans for new festivals in 2017.