Michael Jackson's 50 concerts at London's O2 Arena will give the local economy a $500million boost, promoter AEG Live has said.

Chief executive Randy Phillips also denied that Jackson was touring because of his reportedly dire financial situation.

The initial thirty nights of Jackson's O2 residency will begin on July 8th and run until the end of September. He'll return to the UK in the new year to play another twenty shows.

Tickets for all the dates have already sold out and are currently exchanging hands on the secondary ticket market for thousands of pounds.

Phillips, who has masterminded the self-proclaimed King of Pop's comeback, said AEG Live was “taking a huge risk on Michael”.

"We're not in this for the money. We're taking a huge risk on Michael. Forgetting tickets, the local economy will get $500m,” he told The Telegraph newspaper.

Jackson is expected to earn between $50m and $100million from his UK shows, which could rise to $500million if he announces a world tour.

But Phillips denied money was Jackson's main motivation for returning to the stage, and said reports of the singer's financial situation were exaggerated.

“They make out Michael's finances are much more dire than they are," he said.

“I asked him straight off: why say yes to the tour now? Was it the money? He said: you know what, my kids are old enough now."

Phillips added: "If Mike gets too nervous to go on, I'll throw him over my shoulder and carry him on stage. He's light enough."

Jackson, now 50, has not performed a full concert since he was cleared of child molestation charges in 2005. His last full tour, entitled HIStory, took place in 1996 and '97.

(by Jason Gregory)