Michael Jackson's death leaves AEG Live facing £300m bill

It is thought the company was unable to get insurance for at least 30 of the concerts – which were due to start next month – after obtaining limited cover for between 10 and 20 of up to £130 million.

Insurers declined to take on the financial risk of the shows not going ahead, apparently concerned that the singer, who appeared frail at the unveiling of the concerts in March, would not be able to complete the run.