The owner of Ticketek, Australia’s leading ticket platform, has called in debt specialists in the latest troubling sign of the company’s financial struggles.

Private equity fund Silver Lake in September hired two distressed-debt specialists to join the board of its parent company, Ticketek Entertainment Group (TEG), after it recorded a loss of about $140million in the past financial year.

The California-based asset management firm, which bought TEG back in 2019, has also sought an emergency loan of US$52.5million to keep the company afloat.

A string of high-profile event cancellations, coupled with the collapse of multiple lucrative contracts has seen Ticketek post a significant net loss over the last two financial years.

The company intends to turn around the business and remains actively selling tickets. 

Fortunately for Australian customers, the consumer law has protections in place in case events are cancelled or tickets are invalidated.

‘If consumers pay for a ticket with a credit card, they can ask their bank or credit card provider for a chargeback if they don’t receive what they paid for,’ the Australian Competition and Consumer Commission said.

Customers are urged to try to resolve the issue with the merchant first, but if that doesn’t work, a chargeback sees the financial institution reverse the charge made on a credit card, which it then attempts to recoup itself directly from the business.

Two debt specialists have been appointed to the board of Ticketek (above) following several years of losses

TEG runs Sydney’s Afterpay Arena, the Laneway music festival and touring brands including TEG Dainty.

It reported a $97million loss in the 2024 financial year, followed by a $160million loss in the 2025 financial year.

That period was mostly under the leadership of former Woolworths chief executive Brad Banducci.

Banducci stepped down from the head role at Ticketek after just 13 months, during which the company lost several key contracts.

Those included contracts with Melbourne Park, which oversees Rod Laver Arena, AAMI Park, John Cain Arena and Margaret Court Arena, and Venues NSW, which manages Accor Stadium, Sydney Cricket Ground and Allianz Stadium.

TEG’s long-time chief operating officer, Cameron Hoy, took over the role of chief executive in June.

A spokeswoman for TEG told the Australian Financial Review it had ‘fortified its balance sheet, has a high conviction of growth opportunities for the business and the accounts do not reflect the operating performance of the business’.

TEG reportedly has more than $1billion of debt at an average interest rate of 9.32 per cent.

Former Woolworths chief executive Brad Banducci (above) stepped down from the head role at Ticketek after just 13 months

Matt Hinds, managing director of AlixPartners, and Steven Sher, a former Goldman Sachs banker, joined the TEG board in September. 

Both are experts in managing distressed debt and exit plans for indebted companies.

Silver Lake attempted to sell TEG for more than $2.5billion after the Covid pandemic but declined offers, including from private equity firm KKR.

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