Kings of Leon's Tour Cancellation Could Cost $15 Million

Kings of Leon's decision to cancel the remaining 29 dates of their US tour could prove an extremely costly one, with insurers Lloyd's of London potentially set to pay out up to $15m (£9.1m).

It's not only the cost of paying venues, promoters, etc., that will be concerning the band's business partners. As a result of the tour's curtailment, the Tennessee four-piece may struggle to find insurers for future tours.

Chief operating officer for SteelBridge Insurance Elizabeth Wightman told Rolling Stone, "There's a lot of rating factors -- whatever the contract says, size of the venue, age of the performer, health of the performer, how far they have to travel, plane, train or automobile. It's kind of like a credit report. You have to earn your reputation over time. Insurance companies are going to be looking at that."

Since announcing the cancellation of their US tour earlier this week on the grounds that frontman Caleb Followill was suffering from "vocal issues and exhaustion", the rumour mill -- fueled by a series of tweets from within the band -- has gone into overdrive.

As previously reported by Spinner, the most recent report suggests Caleb is being urged by his bandmates to enter rehab to address his alleged alcohol problem. A source told US Weekly, "They are trying to get Caleb to go to rehab. [That's why] they ended up cancelling the whole tour. He drinks like a fish."

Kings of Leon's Tour Cancellation Sparks Rumors

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