It appears as though Jay-Z‘s Midas touch could not save the first concert in Arizona Stadium since 1977.
Featuring both the rapper and Kelly Clarkson, The Last Smash Platinum Bash ended up costing those hosting it $917,000.
Tommy Bruce, outgoing president of the Associated Students of the University of Arizona, told The Arizona Daily Star that he believed the concert’s poor ticket and merchandise sales could be attributed to the economy.
“Nobody predicted the economy would be the way it is now last May,” he said.
The contract for Jay-Z, who was paid $750,000, was signed March 24.
The ASUA is expected to apply its entire emergency budget reserve – $350,000 – to help cover the losses.
