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UNDATED (CBS) -- The Beatles' audition tape famously rejected by a record executive in 1962 has finally been uncovered after 50 years.

The fledgling group were told "they had no future in show business" as guitar groups were "on the way out" following the audition.

The decision by a Decca Records executive proved to be one of the worst made in music history.

Within months John, Paul, George and original drummer Pete Best had signed with EMI and went on to become the greatest band of all time.

Now the original safety master tape, a 10-track demo the group recorded at Decca's London studios on New Year's Day 1962, has come to public light for the first time.

It is thought the Beatles' manager Brian Epstein held on to the tape he had paid to make and later gave it to an executive associated with EMI.

He sold it in 2002 to a prolific buyer of music memorabilia. He is now selling it at auction with a pre-sale estimate of 30,000 pounds.

The recording has never been officially released and the sound quality on it is said to be pristine.

At the time of the recording, Epstein had visited several record companies with the hope of securing a contract for the Beatles.

On New Year's Eve 1961 the band were driven from Liverpool to London but ended up taking 10 hours to get there as the driver got lost.

The following day they were auditioned by Decca producer Tony Meehan.

Epstein selected the material and chose 10 cover songs the Beatles had previously performed in various clubs, along with three of their own songs.

But the band failed to impress Decca executive Dick Rowe who turned them down, believing 'guitar groups are on the way out.'

The 10 tracks on the 12 inch audio tape include Money (That's What I Want), Like Dreamers Do, Take Good Care of my Baby, Three Cool Cats, Love of the Loved, Memphis and Crying Waiting Hoping.

A handwritten note stuck on the cover for the tape lists the 10 songs and their length.

There is also a photo negative of Paul McCartney, John Lennon, George Harrison and Pete Best that they took with them to the audition and would have been used as the album cover had they won the contract.

Ted Owen, of auctioneers the Fame Bureau, which is now selling the tape, said the tape had never been officially released. Owen said the tape contains covers from mainly American artists and in some songs they sound American.

The tape will be offered for sale at the Fame Bureau auction in London's Mayfair on November 27.

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