Goldsmith, who co-owns Ignite, said that after looking into the viability of F1 Rocks, "and after investigating the opportunities presented to us, myself and Ignite have decided not to pursue this further".
Goldsmith was hotly tipped to take over the show, which is set to feature Beyonce, the Black Eyed Peas and Simple Minds, following the withdrawal of initial producer All The Worlds.
Both Goldsmith and his agency had been concerned that their names were being associated with the global entertainment event, despite no decsion on their involvement being made.
Sources close to the event suggested that disagreement over F1 supremo Bernie Ecclestone’s choice of manager for F1 Rocks was another reason for Goldsmith and Ignite reversing their initial interest in the show.
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