Stone Roses reunion gigs net £23m

'We've still got it,' declares Ian Brown last night in Manchester (Rex Features)

The Stone Roses generated £23m for the Manchester economy by reuniting for a three-day musical extravaganza in their hometown, experts have estimated.

The indie rock legends' much-anticipated concerts took place over the weekend at Manchester's Heaton Park, and saw the band supported by a host of big-name acts, including fellow Mancunians the Happy Mondays, as well as Primal Scream, Lily Allen, Professor Green and The Vaccines.

About 75,000 fans attended each of the sell-out shows, which reportedly earned frontman Ian Brown and company £12.5m in ticket sales and a further £4m from merchandise. The gigs also generated millions in extra revenue for local businesses. Speaking to the Manchester Evening News yesterday, the economic analyst Dr Alexander Roy from the think-tank New Economy said: "We don't know how long the second coming of the Stone Roses will last, but these gigs are providing a boost to the economy that Manchester has been waiting for.

"They have generated an estimated £23m over three days and showcased Manchester music to a new generation."

After the Stone Roses' acrimonious split in 1996, many fans thought they would never see the four-piece reform. But after sorting out their differences last year, the band agreed to play a series of festival dates in addition to the three-night stint in their home town.

Manchester-born footballer Rio Ferdinand, the Shadow Health Minister Andy Burnham and TV presenter Holly Willoughby were among those who turned out to watch the four piece play a 100-minute set that included a 10-minute version of the band's most famous song "Fools Gold".

Despite the success of the Heaton Park run, some fans were annoyed at it being described as a "reunion". The Stone Roses played a number of shows in Europe and a secret gig in Warrington earlier this year.