Adelaide concert promoter Phil Rankine charged with 20 counts of theft

Former Adelaide-based concert promoter Phil Rankine has been arrested and charged with 20 counts of theft worth more than $5 million.

Rankine brought acts such as Florence + The Machine, Phil Collins and Bon Jovi to South Australia, but his business unravelled last year when one of his companies, Space Touring, lost a Federal Court bid to have a debt claim set aside.

Space Touring was wound up, while another of his companies, Space Events, was taken over by Chugg Entertainment.

A creditor’s report into three of Rankine’s companies estimated as much as $20 million could be owed to local and overseas trade creditors and high-profile investors investors including former Adelaide Crows player Mark Ricciuto and members of the Kidman family.

Rankine, who became prominent after winning the first series of The Block, was arrested on Thursday by South Australian Police over allegations that his Space Production venture owes a consortium of eight overseas investors just under $4 million which was put up to finance the Florence and the Machine and Phil Collins concerts.

Alleging that the theft took place between 2018 and 2019, a statement from South Australian Police, while not identifying Rankine, advised “it will be alleged the man committed the thefts by obtaining money from the victims which was to be used for various high profile Adelaide events.

“Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation and further charges may be laid.’’

Rankine was granted bail and will appear again in court on 12th August.

South Australian Police added “Serious and Organised Financial Crime Investigation Section Detectives are continuing the investigation and further charges may be laid.”

Image: Phil Rankine while on Nine Network's The Block. Courtesy of Nine.