Sir Paul McCartney's concert at Liverpool FC's Anfield stadium was reportedly set for cancellation until a last-minute investment deal was struck.
The former Beatle is set to play the gig as part of the Liverpool Sound event, a highlight of the city's year as European Capital of Culture.
But after a report into the show budget revealed a shortfall, Liverpool City Council has been forced to pay McCartney Productions Limited (MPL) £1.7 million to prevent the Anfield event being called off, the BBC reports.
The deal between MPL and the council will cover production costs - such as stage and lighting hire - as well as licence fees and insurance.
While all 25,000 tickets for the June 1st show were sold in a ballot last year, a further 11,000 may now be released, it is believed, which would provide around £200,000 for the concert budget.
Phil Redmond, creative director of the Liverpool Culture Company, told BBC Radio Merseyside, he was confident that Sir Paul's concert would go ahead despite the late contractual struggles.
"I am as sure as anybody in my position would be at this stage, but I'm not going to come out here and say to McCartney's people, 'This concert will happen no matter what the cost'," he said.
"This is what his men are paid for. They are paid to get the best deal and protect him. He's not taking a fee for it but everything around it still has to be paid.
Redmond, the creator of Brookside and Hollyoaks, added: "I'm not going to say, 'This concert will go ahead regardless,' because at the end of the day there always comes a line when you say this is not worth it."