Concert promoter Live Nation are in the process of organising U2's next world tour, their chief executive has revealed.

Jason Garner told Reuters that the company was “gearing up” for the tour, which will follow the release of U2's 12th studio album.

Garner spoke out after it was revealed that Live Nation had reportedly lost $19million buying back 1.6million shares from the band.

The company had guaranteed U2 that they would receive $25million when they signed a 12-year-deal with the concert promoter last March.

According to Wall Street Journal, Live Nation paid the band $25million to buy back the shares, which had a present market value of $6.3million.

"We have a very long-term commitment with the band and we're in the process of gearing up for their next world tour," Garner said.

As previously reported, U2 are currently completing their new album, which is due to be released in early Spring 2009.

(by Jason Gregory)