Having spent eight weeks looking into the deal, the OFT gave Denis Desmond and his American partners the all clear with no conditions attached.

The closure of the share deal being the only formality still to complete, Desmond is likely to take over as Chairman and CEO of the UK music giant in mid-July.

Valued at £39 million, the Mean Fiddler’s interests include the Reading and Leeds Festivals and Glastonbury, which they this year have a 39% stake in.