A 2014 edition of BottleRock Napa Valley music festival moved a step closer Tuesday at a meeting of the Napa Valley Exposition board.
Expo CEO Joe Anderson said the new organizers, GSF Entertainment LLC, met all the conditions set forth by the board when it granted tentative approval to the festival in December.
Those were to obtain an asset purchase agreement from the previous owners and to pay the back rent due to the Expo.
"They satisfied all those things," Anderson said. The board has given the new investors a copy of a draft contract for them to review and then sign.
No date will be set for the festival until there is a signed contract, Anderson said.
The contract does not include a provision to repay some $8.5 million in debt to various creditors from last year's event.
However, the investors said last month they intended to pay back about $6.6 million of the total money owed.
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