EMI Shelves Plans to Sell Abbey Road

EMI Shelves Plans to Sell Abbey Road
Despite press reports to the contrary, the owners of the famed Abbey Road recording studios, EMI, have announced that they have no intentions of selling the building.

As we told you last week, an upswell of support came for Abbey Road, which is most famous for housing many a Beatles recording session. In fact, former Beatle Paul McCartney led one call to save the studios.

Now, as the Guardian reports, EMI says it's planning on retaining ownership status of the studios, despite the label's financial trouble. The company did admit to rejecting an offer of 30 million pounds (about $49 million Canadian) for the studio, but is now in discussions around what it calls a "revitalization" project.

"At all times, these plans have focused on providing access to artists and, where possible, members of the public," the company said in statement.

Many different groups were said to be interested preserving the studios for future generations, most notably a UK preservation society the National Trust, but also stars such as Andrew Llyod Webber, who was reportedly interested in buying the studios.

Meanwhile, EMI has said a sale is not going to happen, but did say they wouldn't rule out a third party investor for the studio, which, according to the label, has lost money for a number of years.

"EMI confirms that it is holding preliminary discussions for the revitalization of Abbey Road with interested and appropriate third parties," said the company in a statement. "These plans would involve a substantial injection of new capital."

EMI bought the studio for 100,000 pounds in 1929, transforming it into the world famous studios that later became the recording locale of choice for most of the Beatles' albums.