In an interview with 24.hu, Gerendai explained how the buyback unfolded, what he plans to change, and what the festival has learned from recent years.

Gerendai said his return was not originally part of the plan. But once he realised Sziget might disappear altogether, he felt obliged to step in. He is now waiting for the Budapest General Assembly to approve the permit needed to use the public space on Óbuda Island. At the time of the interview, the final decision was still pending.

Criticism of the Former Owners

Looking back, Gerendai was critical of both the festival’s previous economic model and the approach taken by the former owners. He argued that the international investors placed too much emphasis on headline acts and attempted to run all festivals in their portfolio according to a uniform template. This, he said, contributed to a steep decline in foreign visitors.

Sziget previously sold 50,000–60,000 season passes each year, with around 85% purchased by international guests. Last year, only 22,800 passes were sold, and just 70% of those went to visitors from abroad.

According to Gerendai, this confirms that a strong line-up is not enough on its own; the festival must also provide a broader and more distinctive cultural programme.

Strengthening Sziget’s Cultural Identity

Looking ahead, Gerendai plans to invest more in visitor experience and cultural content. Additional resources will be directed toward programming, services, design and communication.

The aim is to make Sziget appealing not only to younger festivalgoers but also to audiences in their 30s and 40s.

While the 2026 line-up has yet to be announced, demand for passes is already strong. Food and drink prices are expected to stay at this year’s levels, including the continuation of the “budget food” options.

Although Gerendai has repurchased Sziget Zrt., the brand name remains owned by the previous proprietor, meaning the company will still pay a licensing fee.

Gerendai plans to focus on strategic leadership and will spend two days a week at the Sziget office, while his hospitality businesses continue to operate under his management team.

Financial Results Did Not Require an Exit

From his perspective, Sziget’s financial situation alone did not justify the former owners’ decision to pull out. He noted that the wider company group had been performing well, and cross-financing could have kept Sziget on a sustainable footing.

The real motivation behind the American investment fund’s departure remains unclear to him.

With Gerendai’s return, Sziget is now preparing for a new chapter—one that places greater emphasis on cultural variety, a diverse audience, and long-term stability.

*********************************************************************************************

You're very welcome to comment, discuss and enjoy more stories via our Facebook page: 

Facebook.com/XpatLoopNews + via XpatLoop’s groups: Budapest Expats / Expats Hungary

You can subscribe to our newsletter here: XpatLoop.com/Newsletters

Showcase Your Business to Expats in the Loop:

As an independent portal we’re grateful to all commercial supporters who help keep you in the loop with fresh insights and inspiration. Do you want your business to reach tens of thousands of potential high-value expat customers? If so please contact us here.