Pete Townshend sells rights to his music

Pete Townshend has sold the rights to his catalogue to Spirit Music Group which is backed by the private equity firm Pegasus Capital Advisors. No details of the terms were released. This includes all the entire Who cataloque as well as Pete's solo works. The press release said that they were going to release some deep track compilations as well as the entire Who catalogue in remastered deluxe format to coincide with the Who's 50th anniversary in 2014. One hopes that Pete will still have artistic control over these releases and that he is not merely cashing out. I would think that his royalty revenue would be quite nice (off of CSI alone!) and that this was not purely a financial decision.
I had heard back when John Entwistle dies that they continued the tour because they were in need of the money.
If that is the case it is sad as I am sure they have made plenty of money thru the years. But the lesson is it's not how much you make but that which you do with it that determines wealth. I hope that Pete is doing well, he is a great force in rock music.
Pete has 2 personalities. One is the guy who made the great music with the Who. The other is a cranky, moneygrubbing ***hole who hates the Who, his fans and people in general. As time goes on we see more and more of the latter.