Legendary concert promoter Larry Magid left Live Nation Philadelphia yesterday, addressing the troops at the promoter's Bala Cynwyd offices that he was out -- but not discussing the circumstances

Live Nation declined to talk about the departure. A report on Billboard.com said Geoff Gordon remains the local president.

A source told The Inquirer that Magid's employment contract was coming up. He was Live Nation Philadelphia's chairman.

Magid, 67, a West Philadelphia native, Temple dropout and former New York talent agent, was recruited back in the '60s by brothers Herb, Allen, and Jerry Spivak to help run the Electric Factory, their rock-and-roll club in a former tire warehouse at 22d and Arch Streets. First show was Feb. 2, 1968, the Chambers Brothers, admission $3. Shortly after, then-Police Commissioner Frank Rizzo got a judge to shut down the club over allegations of drug use. (The Electric Factory resurfaced in its current location off Seventh Street near Callowhill.)

The Electric Factory evolved into Electric Factory Concerts.

Magid still wields enormous power in the entertainment business. Besides putting together 1985's Live Aid and 2005's Live 8 concerts, he also produced Billy Crystal's one-man show.

Magid stayed on in 1998 when he and his partners sold Electric Factory Concerts to SFX, now known as Live Nation.