bye-bye Vince

Vince Power, the founder of Mean Fiddler (the organisers of the Reading/Leeds, & Homelands festivals) has stepped down as Chairman of Mean Fiddler today after selling all of his 35% stake in the company for almost £12 million. He will stay on at the company he founded 23 years ago in a non-executive role as festivals director.

He'll be replaced by Richard Clingen, the 39-year-old chairman of Media Internet Telecom. Mean Fiddler has just bought MIT for £5.7M in shares, with a further £1.4M in shares payable depending on MIT's financial performance in 2005. MIT own 50% of Mean Fiddler’s download division, which offers clips of music from its live performances and festivals.