U2 paid 10m pounds up front by concert promoters Live Nation

London, Oct 21 : Irish rock band U2 has been paid 10million pounds up front for after they signed a deal with concert promoters Live Nation to do shows.

U2-comprising of Bono, The Edge, Adam Clayton and Larry Mullen, Jr.-have not toured since 2006, and they are very likely to head back on the road sometime in the middle of next year.

The band signed a deal for 12-years with the concert promoters, who are also now representing Madonna, and will be touring for them while recording for Mercury Records.

With Oasis and Coldplay and Take That lining up massive UK outdoor shows next summer, it could amount to over 500million pounds over the course of the contract.

"Next summer is shaping up to be one of the best in years in terms of massive event shows," the Sun quoted an industry insider as saying.

"With U2, Coldplay and Oasis all staging gigantic outdoor gigs, it's going to be a tall order to persuade cash-strapped punters to part with money for traditional festivals," the insider added. U2, whose UK No.1s include Beautiful Day in 2000, are also certain to fill stadiums up and down the country when they announce their tour early next year.

ANI