AEG: Jackson Concert Tickets Will Be Refunded

Updated 7:00 PM CDT, Fri, Jun 26, 2009

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At the time of his death on Thursday, Michael Jackson was rehearsing for a 50-date London run at the O2 Arena – and with his passing, concert promoters AEG have issued a statement on the future of the sold-out shows.

"On behalf of the entire AEG organization we extend our deepest condolences to Michael Jackson's family and friends during this tragic time," a rep for AEG said in a statement.

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"Full ticket refund information and procedures will be released early next week for all Michael Jackson 'This Is it' shows. Fans are advised to hold onto their ticket vouchers/proof of purchases."

Kenny Ortega, the "High School Musical" series director who was working with Michael on the shows, told Access in a statement that the shows were "the most exciting collaboration of my life with a man who has inspired me like no other."

VIEW THE PHOTOS: Michael Jackson: The Life Of An Icon

"This was the world's greatest performer and the world will miss him," Kenny added

The shows were billed as Michael's last in London – and would've marked his ambitious return to performance after years out of the concert spotlight.

According to Billboard, AEG could be on the hook for $85 million in tickets, with over already 750,000 sold.

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While Michael won't have the chance to make his concert comeback, his best-selling music has caught fire once again – seven of his albums are currently in iTunes' top 10 albums chart, and retailers such as Amazon.com and Barnes & Noble have reportedly sold out of his CDs.

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