Tycoon bringing U.K. rockfest to Toronto

British billionaire Richard Branson has picked Toronto as the first stop for a North American expansion of his popular V rock festival.

The flamboyant tycoon, chair of the Virgin Group,made the announcement in Toronto on Friday, dropping from a hovering helicopter on to a restaurant patio on Toronto's waterfront to greet reporters.

"It's the biggest sort of social event on the calendar for a particular age group," Branson said of the original U.K. event, now in its 11th year and set to unspool in August.

Toronto's two-day concert and festival will take over Island Park on Sept. 9 and 10. The lineup of more than 40 acts includes Gnarls Barkley, Massive Attack, the Flaming Lips, Sam Roberts, K'Naan, Alexisonfire, Buck 65 and The Raconteurs.

In addition to what organizers described as a musical "extravaganza," the event will include a dance lounge showcasing DJs from around the world, food and beer areas as well as other vendors and exhibitors.

Unlike the British version, camping will not be permitted at Toronto's festival, but is being investigated for future editions.

Electronics chain Future Shop will offer tickets to the Toronto eventexclusively beginning July 2, but Ticketmaster will begin selling tickets July 8. With each admission, $1 will be earmarked for Virgin Unite, the company's charitable arm.

Organizers are expecting up to 50,000 concert-goers.

After the Toronto event, the festival will travel to Baltimore, Md.later in Septemberand, next year, to Vancouver, Montreal and other locations across North America.

Branson held the first V Festival in 1996 and it has since grown into one of the most popular rock events in the U.K., with tickets for this year's edition selling out in just three hours.

Artistsbooked for the British eventon Aug.19 andAug. 20 include Radiohead, Morrissey, Beck, Keane, Bloc Party, Fatboy Slim, Starsailor, The Go! Team, Rufus Wainwright and Daniel Powter.