Sziget 2026

[Yelo, the Parmiggiana]

Just now, CCester said:

All this makes sense, on the other hand I don’t think they would have throw in Getendai’s name if the negotiations weren’t well underway.

 

Lucky we don’t have powerful unions here, except when it comes to taxi drivers.

 

He is. And I bet he has one hell of a social network. Getting the money shouldn’t be the problem. As he said making it long living what is the challenge.

All interesting points: I know nothing about Hungary other than Sziget, langos and the most convoluted language using the Latin alphabet I can think of. Good (or bad?) to discover that taxi union lobbies aren’t an Italian specialty after all.

 

Jokes aside, that’s absolutely the case: it’s not as if Superstruct’s CFO just woke up one morning and decided to kill off an asset on a whim. I’m sure they’ve been scouting for potential buyers, and the strongest contender to emerge (though probably not the only one) seems to be Gerendai.

I'm assuming Gerendai is the one that he's likely/able to take over the sinking ship before it hits the seabed, and timing is a key factor here: I'm sure there are players interested in buying Sziget around 2027-28, once the asset has been completely devalued.

 

That said, the fact that Gerendai is a billionaire doesn’t necessarily mean he’s willing to invest a significant portion of his own wealth (which, as usual, isn’t sitting there in cash). He might, of course, but it’s unlikely.

What it probably means is that he has access to enough contacts to make a round of financing possible, but no bank or private investor would put money into a project without a solid business case, and as of today, Sziget doesn’t seem to have one (otherwise Superstruct would have used it and we would not be having this convo altogether) 

 

 

[kristofm]

Listened to Gerendai, it’s available on Spotify at the Balázsék channel but this is pretty much all he said:

 

‘do we get this right, the structure is that you sold it at a good time, for a very good price, you were out, and now for a very good price, for a much cheaper price, you buy it back? is that the case with such a struggling festival?’

‘…um…. well…. pretty much. but can’t say anything that’s concrete but the question is not how should be paid to buy it back, but how much should I have to spend on it to keep it alive.’

 

the people at the radio show joking about if they can buy it together, to which Gerendai said:

‘well it’s a bit more complicated guys, I really can’t talk about this yet, I signed all sorts of confidentiality statements so apologies but I can’t talk about any details. But I really hope that very soon we can talk about further updates, right now this isn’t that stage yet.’

Edited October 13, 2025 by kristofm

[billybigballs]

2 minutes ago, Yelo, the Parmiggiana said:

All interesting points: I know nothing about Hungary other than Sziget, langos and the most convoluted language using the Latin alphabet I can think of. Good (or bad?) to discover that taxi union lobbies aren’t an Italian specialty after all.

 

Jokes aside, that’s absolutely the case: it’s not as if Superstruct’s CFO just woke up one morning and decided to kill off an asset on a whim. I’m sure they’ve been scouting for potential buyers, and the strongest contender to emerge (though probably not the only one) seems to be Gerendai.

I'm assuming Gerendai is the one that he's likely/able to take over the sinking ship before it hits the seabed, and timing is a key factor here: I'm sure there are players interested in buying Sziget around 2027-28, once the asset has been completely devalued.

 

That said, the fact that Gerendai is a billionaire doesn’t necessarily mean he’s willing to invest a significant portion of his own wealth (which, as usual, isn’t sitting there in cash). He might, of course, but it’s unlikely.

What it probably means is that he has access to enough contacts to make a round of financing possible, but no bank or private investor would put money into a project without a solid business case, and as of today, Sziget doesn’t seem to have one (otherwise Superstruct would have used it and we would not be having this convo altogether) 

 

 

Unless this has been going on in the background for a number of months (certainly been happenning for at least two months, or a 2026 date would've been announced after the 2025 edition). All these thing that you mention may, actually, already be in place.....or not.

[billybigballs]

2 minutes ago, kristofm said:

Listened to Gerendai, it’s available on Spotify at the Balázsék channel but this is pretty much all he said:

 

‘do we get this right, the structure is that you sold it at a good time, for a very good price, you were out, and now for a very good price, for a much cheaper price, you buy it back? is that the case with such a struggling festival?’

‘…um…. well…. pretty much. but can’t say anything that’s concrete but the question is not how should be paid to buy it back, but how much should I have to spend on it to keep it alive.’

 

the people at the radio show joking about if they can buy it together, to which Gerendai said:

‘well it’s a bit more complicated guys, I really can’t talk about this yet, I signed all sorts of confidentiality statements so apologies but I can’t talk about any details. But I really hope that very soon we can talk about further updates, right now this isn’t that stage yet.’

Yeah, I think his takeover is further down the tracks that first thought. If he's signing confidentiality statements he must be pretty deep in.

[kristofm]

 https://nepszava.hu/3297802_gerendai-karoly-sziget-fesztival-targyalas-costes-michelin-kadar-etkezde-otthon-start-interju

 

You left Sziget a few years ago at just the right time and shifted almost entirely into hospitality. But could this be a turning point — are you returning to the festival industry?

I’m not planning to step away from hospitality. I already have an operational team in place — my role is to ensure the right framework and conditions. As for Sziget, I can confirm that I’ve been approached and that we’re in talks with the owning company. I’d like to find a solution that allows the festival to continue, but that requires covering the financial losses and figuring out what needs to change — and what can change. The goal is to create a successful event from every perspective. For now, it’s still at the stage of consideration, not agreement.

 

How much time do you have to think it over?

Not much — a decision has to be made in October, since by this time of year, ticket and pass sales should already be underway.

 

And what will happen to Sziget if no agreement is reached?

I’m hopeful that an agreement will be reached — that’s what I’m working on right now.

 

[So Sad Simon]

Sziget's socials are very quiet today. Will be scared stiff that trolls will hit them as soon as they smell blood. 

[So Sad Simon]

1 minute ago, kristofm said:

 https://nepszava.hu/3297802_gerendai-karoly-sziget-fesztival-targyalas-costes-michelin-kadar-etkezde-otthon-start-interju

 

You left Sziget a few years ago at just the right time and shifted almost entirely into hospitality. But could this be a turning point — are you returning to the festival industry?

I’m not planning to step away from hospitality. I already have an operational team in place — my role is to ensure the right framework and conditions. As for Sziget, I can confirm that I’ve been approached and that we’re in talks with the owning company. I’d like to find a solution that allows the festival to continue, but that requires covering the financial losses and figuring out what needs to change — and what can change. The goal is to create a successful event from every perspective. For now, it’s still at the stage of consideration, not agreement.

 

How much time do you have to think it over?

Not much — a decision has to be made in October, since by this time of year, ticket and pass sales should already be underway.

 

And what will happen to Sziget if no agreement is reached?

I’m hopeful that an agreement will be reached — that’s what I’m working on right now.

 

 

They may run it this year just to keep the name alive while he's planning what to do moving forward. Maybe scale it back.

 

The way he's talking implies it will take place in 2026 if he takes it on.

[Geri17]

This is from the comments on one of their posts. 

[kristofm]

Their other Insta comments are also very positive, they say dates are coming soon, everything's fine, only positive changes coming, etc.

[activean]

Fair to say the american owner didn't exactly make a name for himself, closing 2 festivals and making a loss every year  at Sziget. 

Yes, circumstances have changed, but still.. 

[thetime]

3 minutes ago, activean said:

Fair to say the american owner didn't exactly make a name for himself, closing 2 festivals and making a loss every year  at Sziget. 

Yes, circumstances have changed, but still.. 

 

Bit of mismanagement going on. When you think Balaton sound had everything going for it. Beautiful location, 50k per day and a staple on the scene. Volt similar with I think had 30k per day. 

 

All 3 should of been sustainable for long term success. 

 

In 1 way this could be what the Hungarian festival scene needs, a reset and get back to what its all about. 

[thetime]

29 minutes ago, kristofm said:

Their other Insta comments are also very positive, they say dates are coming soon, everything's fine, only positive changes coming, etc.

 

Personally not going to take anything as gospel. We will need answers to the festival pretty quick, end of November perhaps? 

[billybigballs]

25 minutes ago, thetime said:

 

Personally not going to take anything as gospel. We will need answers to the festival pretty quick, end of November perhaps? 

I suspect, from previous comments made by Kadar, that they want to hit the end of October payday.

 

If they miss that, the end of November payday will be used for Christmas presents, the end of December for paying the January credit card bill etc and, before we know it, it's January 2026 and Sziget has yet to bank a penny to fund August's festival.

[bunnyv]

9 minutes ago, billybigballs said:

I suspect, from previous comments made by Kadar, that they want to hit the end of October payday.

 

If they miss that, the end of November payday will be used for Christmas presents, the end of December for paying the January credit card bill etc and, before we know it, it's January 2026 and Sziget has yet to bank a penny to fund August's festival.

Exactly. It has to be decided by the end of October and they know it

[mathuska]

2 hours ago, thetime said:

 

Bit of mismanagement going on. When you think Balaton sound had everything going for it. Beautiful location, 50k per day and a staple on the scene. Volt similar with I think had 30k per day. 

 

All 3 should of been sustainable for long term success. 

 

In 1 way this could be what the Hungarian festival scene needs, a reset and get back to what its all about. 

Just in the last few years, almost all the major hungarian summer music festivals (such as Volt, Balatonsound, Banki to, Kolorado and now Sziget) shut down. Very pitty, it shows a very bad picture about Hungary

[kristofm]

Frequency's line up's first phase is out, if we get a festival, and if there are funds, we're very likely to get Twenty One Pilots.

Lorde and Ashnikko are also there. https://www.frequency.at/en/

[kristofm]

My conspiracy theory or hot take for today: this whole thing is politics and there is no panic if the mayor of Budapest didn’t write a FB post about this whole situation in the first place. There would’ve been silence until November, then the announcement comes with the return of Gerendai, dates, then names in early December.

 

Politics have always been effecting Sziget every four years before the elections, Kádár (the CEO) said earlier that’s been the thing since forever. Now, if you’re a mayor, it’s a good situation for you to say: the festival could end, it’s in danger, but me and the city council will help to keep it alive.

 

I mean, he can get credit for something that wasn’t really a proper threat and any discounts the council provides will sound huge and they can say that they are the ones who pretty much saved the festival. Karácsony always seemed good at these kind of games and always knew when it’s politically rational for him to turn to the public with an issue.

 

I mean, I just hope that this is the only reason why this is such a circus and not just a quite and smooth takeover. But who knows…

[Matt86]

Sziget 2026 is happening. Someone there told me it is. 🙏 

I don't have any details though, but I trust this person 

[billybigballs]

16 minutes ago, kristofm said:

My conspiracy theory or hot take for today: this whole thing is politics and there is no panic if the mayor of Budapest didn’t write a FB post about this whole situation in the first place. There would’ve been silence until November, then the announcement comes with the return of Gerendai, dates, then names in early December.

 

Politics have always been effecting Sziget every four years before the elections, Kádár (the CEO) said earlier that’s been the thing since forever. Now, if you’re a mayor, it’s a good situation for you to say: the festival could end, it’s in danger, but me and the city council will help to keep it alive.

 

I mean, he can get credit for something that wasn’t really a proper threat and any discounts the council provides will sound huge and they can say that they are the ones who pretty much saved the festival. Karácsony always seemed good at these kind of games and always knew when it’s politically rational for him to turn to the public with an issue.

 

I mean, I just hope that this is the only reason why this is such a circus and not just a quite and smooth takeover. But who knows…

 

A politician claiming the credit for something that they only had a very small hand in? That doesn't sound plausible at all.....

[bunnyv]

New interview with Gerendai 

 

https://index.hu/kultur/2025/10/14/gerendai-karoly-sziget-fesztival-megmentes/?fbclid=IwZnRzaANbJqJleHRuA2FlbQIxMQABHkNCBPk0kXMBnW9wEKPA664cNciN0-ZJzEVGwRFlrFoMFK_O4mVEmQoCFrYJ_aem_DMU4gnp-2VK1wtArBMqzNA

[CCester]

25 minutes ago, kristofm said:

My conspiracy theory or hot take for today: this whole thing is politics and there is no panic if the mayor of Budapest didn’t write a FB post about this whole situation in the first place. There would’ve been silence until November, then the announcement comes with the return of Gerendai, dates, then names in early December.

 

Politics have always been effecting Sziget every four years before the elections, Kádár (the CEO) said earlier that’s been the thing since forever. Now, if you’re a mayor, it’s a good situation for you to say: the festival could end, it’s in danger, but me and the city council will help to keep it alive.

 

I mean, he can get credit for something that wasn’t really a proper threat and any discounts the council provides will sound huge and they can say that they are the ones who pretty much saved the festival. Karácsony always seemed good at these kind of games and always knew when it’s politically rational for him to turn to the public with an issue.

 

I mean, I just hope that this is the only reason why this is such a circus and not just a quite and smooth takeover. But who knows…

I’m almost sure that this whole ‘’Sziget wants to end the aggreement’’ is one of the last steps of the takeover, so the company taking it over can start to negotiate the new terms. I’m also almost sure they already had a spoken agreement with Gerendai that if he takes over they will provide the island for much less fee. And here’s where your theory joins in, Karacsony can take credit for helping out Sziget by giving them the place for a much decreased price. Also if they leave the island unbooked for too long, some organisations might have the idea to demonstrate against hight fuel prices or some bs. (Looking at you ‘64 varmegye’)

[bunnyv]

 

Gerendai Károly: A few weeks are left to save Sziget, otherwise we’ll run out of time

Gerendai Károly did not intend this, but life brought him into rescuing the Sziget Festival. “I have two tasks: to assemble the financing that ensures Sziget can continue, since unfortunately serious losses have accumulated in recent years; and secondly, to develop a vision—one that we believe will be better—because the goal is that in future there will be no such losses,” said the founder of Sziget in an interview with Index.

Time is pressing, because if ticket sales and performer bookings are not started in time, even with the best intentions the festival can’t continue — they’ll run out of time. They have just weeks left.

“This situation is so new to me that I’m trying to dive back into it, since I’ve been out of the festival-organizing world for eight years, and eight years ago I stepped away because I felt I no longer knew it well enough, I didn’t understand young people’s thinking or tastes enough,” Gerendai told Index. “A strange situation has arisen: now I have to relearn this quickly, and find those professionals whom I can involve in this thought process, who I trust in their knowledge and judgment.”

Gerendai plans to rely fundamentally on the existing Sziget team during implementation, but he needs additional help in the ideation phase. “I’ve approached many people in my circle, and many also contacted me after the news yesterday, offering their help,” he said, adding that the first task is to understand the global trends in the industry, and then compare that to the domestic market.

“We also have to assess whether in recent times strategically flawed decisions have been made that must be changed, how much one can build on how Sziget used to be, how valid previously important values are now, or whether a completely new story must be created behind the festival, to figure out what today’s youth want, whether it’s even worth thinking only in terms of young people, or whether to try to speak also to the old audience and bring them back.”

— he listed the questions the founder must face.

Time is tight

“I’m only searching now for the answers, but decisions must be made very soon, because the fact that tickets still aren’t on sale, performers aren’t booked, and those processes that by now should already be underway are not happening — that is a problem that can’t be sustained much longer. Because if we think too long, then despite my intention to continue, we’ll simply run out of time. We now have at most a few weeks.”

Gerendai Károly has two major tasks in this: “One is to assemble the financing that ensures that Sziget can continue in the coming period, since unfortunately serious losses have accumulated in recent years, and in order for this to have any chance of happening, a risk-taking investor background is needed. The other is to have a vision that we believe will be better, because the goal is that such losses will not occur in the future.”

So those are the two main tasks: on one hand securing stable financing, on the other finding a solution so that in the long run it won’t need subsidization.

 

From tree to forest

Gerendai believes that perhaps there is an advantage in having been absent from this world in recent years, because those already in a profession often can’t see the forest for the trees — they less readily perceive the broader picture or wider connections. But even he is not in possession of certain knowledge; in the past few days he’s tried to look into trade press and speak with many people to see what is going on globally.

“Yesterday I was almost all day out in the Sziget office, and with my former colleagues we tried to analyze what mistakes we see in recent periods, and what good directions. In which areas we should strengthen, what we should change, where we should return more to basics, in which areas we should consciously renew. Now simultaneously we have to build a stable background, while this is also an opportunity for things to move in the right direction, because by the numbers it clearly appears necessary.”

He says that in his opinion the most recent Sziget edition was particularly good, only that the attendance was too low compared to what it should have been.

Because time is tight, Gerendai Károly is already, in parallel with ideation, negotiating with people who, should he take over the company, would share risk with him. Essentially the circle is Hungarian investors, but he says it’s too early yet to talk about details. The Sziget founder feels that the festival is his beloved “child,” and he must do everything to save it, to allow continuation of this cultural program series — which, he believes, is in the interest of Budapest and the country, because it involves tax revenue, tourism tax, tourism, and many other things. Therefore, he expects a positive attitude from everyone. “It’s a serious professional challenge that also inspires me, whether we can find the answer,” he said.

Years with losses

As we have previously reported, the future of the Sziget Festival has become uncertain after the company’s management terminated the agreement with the capital city. After forced breaks in 2020 and 2021 due to the pandemic, the company still closed 2022 in profit, but in subsequent years the festival portfolio was significantly restructured.

From 2023, the owners discontinued the Sopron VOLT festival, and from 2024 they also removed Balaton Sound from the event list. Thus in the offering only the largest domestic event, Sziget, remains, along with the smaller Gourmet Festival and Gyerek Sziget (Children’s Sziget).

The owner of the company organizing Sziget, Luxembourg’s Superstruct Entertainment, came into new hands last summer: the U.S. private equity firm KKR bought it for £1.3 billion. The festival’s financial indicators since then have not been bright: in 2023 it produced a loss of 1.8 billion forints, and in 2024, 3.9 billion forints. Although the 2025 results are not yet public, the loss this year could also exceed 2 billion forints.

Sziget was first held in 1993, and Gerendai Károly announced after the 25th jamboree that he would stop. The owners of Sziget Zrt. have since contacted him, and negotiations have been ongoing since.

 

 

Edited October 14, 2025 by bunnyv

[CCester]

10 minutes ago, bunnyv said:

 

 

Gerendai Károly: A few weeks are left to save Sziget, otherwise we’ll run out of time

Gerendai Károly did not intend this, but life brought him into rescuing the Sziget Festival. “I have two tasks: to assemble the financing that ensures Sziget can continue, since unfortunately serious losses have accumulated in recent years; and secondly, to develop a vision—one that we believe will be better—because the goal is that in future there will be no such losses,” said the founder of Sziget in an interview with Index.

Time is pressing, because if ticket sales and performer bookings are not started in time, even with the best intentions the festival can’t continue — they’ll run out of time. They have just weeks left.

“This situation is so new to me that I’m trying to dive back into it, since I’ve been out of the festival-organizing world for eight years, and eight years ago I stepped away because I felt I no longer knew it well enough, I didn’t understand young people’s thinking or tastes enough,” Gerendai told Index. “A strange situation has arisen: now I have to relearn this quickly, and find those professionals whom I can involve in this thought process, who I trust in their knowledge and judgment.”

Gerendai plans to rely fundamentally on the existing Sziget team during implementation, but he needs additional help in the ideation phase. “I’ve approached many people in my circle, and many also contacted me after the news yesterday, offering their help,” he said, adding that the first task is to understand the global trends in the industry, and then compare that to the domestic market.

“We also have to assess whether in recent times strategically flawed decisions have been made that must be changed, how much one can build on how Sziget used to be, how valid previously important values are now, or whether a completely new story must be created behind the festival, to figure out what today’s youth want, whether it’s even worth thinking only in terms of young people, or whether to try to speak also to the old audience and bring them back.”

— he listed the questions the founder must face.

Time is tight

“I’m only searching now for the answers, but decisions must be made very soon, because the fact that tickets still aren’t on sale, performers aren’t booked, and those processes that by now should already be underway are not happening — that is a problem that can’t be sustained much longer. Because if we think too long, then despite my intention to continue, we’ll simply run out of time. We now have at most a few weeks.”

Gerendai Károly has two major tasks in this: “One is to assemble the financing that ensures that Sziget can continue in the coming period, since unfortunately serious losses have accumulated in recent years, and in order for this to have any chance of happening, a risk-taking investor background is needed. The other is to have a vision that we believe will be better, because the goal is that such losses will not occur in the future.”

So those are the two main tasks: on one hand securing stable financing, on the other finding a solution so that in the long run it won’t need subsidization.

 

From tree to forest

Gerendai believes that perhaps there is an advantage in having been absent from this world in recent years, because those already in a profession often can’t see the forest for the trees — they less readily perceive the broader picture or wider connections. But even he is not in possession of certain knowledge; in the past few days he’s tried to look into trade press and speak with many people to see what is going on globally.

“Yesterday I was almost all day out in the Sziget office, and with my former colleagues we tried to analyze what mistakes we see in recent periods, and what good directions. In which areas we should strengthen, what we should change, where we should return more to basics, in which areas we should consciously renew. Now simultaneously we have to build a stable background, while this is also an opportunity for things to move in the right direction, because by the numbers it clearly appears necessary.”

He says that in his opinion the most recent Sziget edition was particularly good, only that the attendance was too low compared to what it should have been.

Because time is tight, Gerendai Károly is already, in parallel with ideation, negotiating with people who, should he take over the company, would share risk with him. Essentially the circle is Hungarian investors, but he says it’s too early yet to talk about details. The Sziget founder feels that the festival is his beloved “child,” and he must do everything to save it, to allow continuation of this cultural program series — which, he believes, is in the interest of Budapest and the country, because it involves tax revenue, tourism tax, tourism, and many other things. Therefore, he expects a positive attitude from everyone. “It’s a serious professional challenge that also inspires me, whether we can find the answer,” he said.

Years with losses

As we have previously reported, the future of the Sziget Festival has become uncertain after the company’s management terminated the agreement with the capital city. After forced breaks in 2020 and 2021 due to the pandemic, the company still closed 2022 in profit, but in subsequent years the festival portfolio was significantly restructured.

From 2023, the owners discontinued the Sopron VOLT festival, and from 2024 they also removed Balaton Sound from the event list. Thus in the offering only the largest domestic event, Sziget, remains, along with the smaller Gourmet Festival and Gyerek Sziget (Children’s Sziget).

The owner of the company organizing Sziget, Luxembourg’s Superstruct Entertainment, came into new hands last summer: the U.S. private equity firm KKR bought it for £1.3 billion. The festival’s financial indicators since then have not been bright: in 2023 it produced a loss of 1.8 billion forints, and in 2024, 3.9 billion forints. Although the 2025 results are not yet public, the loss this year could also exceed 2 billion forints.

Sziget was first held in 1993, and Gerendai Károly announced after the 25th jamboree that he would stop. The owners of Sziget Zrt. have since contacted him, and negotiations have been ongoing since.

 

 

Yes. More. MORE!

edit: Especially like the idea of bringing back older audience and not just focus on TikTok Trends.

Edited October 14, 2025 by CCester

[kristofm]

1 hour ago, bunnyv said:

 

 

Gerendai Károly: A few weeks are left to save Sziget, otherwise we’ll run out of time

(...)

Thanks! Is this the full hvg360 article? Or does anyone have access to the stuff behind the paywall?

Edited October 14, 2025 by kristofm

[kristofm]

Can't edit the previous one, but some stuff from another interview by HVG:

- Gerendai can't buy it alone but he does have serious investors lined up. As things stand, he doesn't want to work with "big fishes", a group of independent smaller investors could buy it. Mostly those small subcontactors who have been working on the festival in the past years, and would lose a lot of money if the festival doesn't take place.

- The transaction has to be completed in the next few weeks, otherwise there's not enough time to organize the next edition in 2026.

- He's been working on a deal in the past month now, and he feels it's close.