It was at this juncture that Kember and Pierce chose to enter into a contractual relationship with Gerald Palmer, a Northamptonshire businessman and concert promoter who had already been functioning recently as Spacemen 3's "de facto" manager. This tripartite business partnership had the following terms: Palmer would own the master tapes of all future recordings, the rights of which would be licensed to record labels for release; touring and recording costs etc. would be financed by Palmer, who would give Kember and Pierce an advance of £1,000 each; and, in return, all profits would be split 50:50: 50% for Palmer, and 50% for Kember and Pierce and other band members. Significantly, this contract was only with Kember and Pierce, meaning Spacemen 3 as a legal and financial entity would, in essence, constitute only the two of them together with Palmer. In addition, Palmer became Spacemen 3's manager.