Pandemonium Rocks' financial woes: Australian music promoter Andrew MacManus claims he is owed $6million from bankrupt mogul Mark Spillane for organising plagued festival

Pandemonium Rocks' financial woes have been revealed by the Australian music promoter behind the troubled rock festival.

Andrew McManus alleged he is $6million out of pocket after organising the plagued Aussie festival with bankrupt music mogul and Audient Capital co-founder Mark Spillane, who is believed to be based in Sydney .

Pandemonium Rocks was one of the few festivals to go ahead this year amid the cost of living crisis, but was hit by a string of difficulties and was forced to reduce to a one-stage event.

After slashing the line-up and reducing ticket prices, Alice Cooper , Blondie and Wheatus all took to the stage to perform at the festival's five touring dates in April.

But long-time promoter McManus, 62, has now detailed the festival's financial woes as he claimed he is owed $6million from organising the event, according to the Gold Coast Bulletin .

He told the publication he has had to take out a second mortgage on his home in a bid to pay creditors and fans waiting on refunds from the doomed festival.

McManus said he is planning to take legal action in New York against Audient Capital, claiming they owe him $6million - allegations the company's executives Spillane and RJ Bucaria are said to firmly deny.

'Andrew's claims are absolutely false across the board,' Audient Capital's managing general partner Bucaria told the Gold Coast Bulletin. 'Andrew has been trying to find the person to blame.'

Bucaria went on to claim that other deals Audient considered fell over after additional due diligence.

McManus alleged Spillane and his partners approached him in March 2023 to set up Apex Entertainment and to buy 25 per cent of the new concert company for $5million.

He claimed he 'parked' his long-running business One World Entertainment to set up the new company, and toured with The Corrs late last year in Apex's first venture.

'Their sales pitch was we want to buy you and your connections and your networking and all the relationships you've got, hence, we want you to set up a new entity,' he told the Gold Coast Bulletin.

For The Corrs tour, McManus claimed he funded the ancillary marketing and the first 10 per cent of the band's fees while waiting for the firm to deliver the contract to pay the artist's fees for the sell-out tour, which sold $10million worth of tickets.

'Meanwhile I get an email from Spillane saying they had issues with this and that and wouldn't have access to the funds until January 12, 2024,' he said.

McManus claimed that instead of advancing the investment funds after months of 'promises and guarantees and selling hope', they introduced him to another company to secure more than $5million to stage Pandemonium.

The loan is said to have come with a $900,000 interest bill and there is no suggestion that the additional company was involved in any wrongdoing.

McManus claimed Audient Capital promised to cover the loan and pay the promoter $6million when their funds became available, with him going ahead with the festival on that knowledge.

'But it didn't come. And every day, every week, there was more bulls**t,' he claimed.

He claimed there was a breach of the investment agreement with Audient Capital and said he wrote to Bucarria's US lawyer on the matter on May 29.

McManus allegedly sent a separate letter of demand to Spillane on June 4 and claimed he is owed almost $63,000 for legal fees, flights and sponsorship activity.

McManus, who has toured with the likes of Aerosmith, KISS and Smashing Pumpkins, also alleged Spillane failed to tell him when he was declared bankrupt for a second time.

The businessman claimed all of his profits from The Corrs tour plus money from his family and friends have gone towards settling his Pandemonium Rocks debt.

He claimed he is negotiating a new funding deal to allow him to put on new tours, but said it will take him three years to get back on his feet after the financial woes.

Daily Mail Australia has contacted Audient Capital for comment.

His comments come amid huge upheaval in the Aussie festival industry, with a string of events being forced to cancel this year due to poor ticket sales and economic issues.

Splendour In The Grass and Groovin the Moo were among the popular festivals to suddenly get the axe this year in a huge blow, with their return dates not known.