Elton John is said to be facing a staggering £60million financial hit this year after Covid-19 caused him to halt his mammoth Farewell Yellow Brick Road tour.
Elton John, who is said to be worth £360 million, was forced to halt the US leg of his global trek as the pandemic wreaked havoc around the globe.
Due to the tour behind put on ice, Elton and his husband David Furnish are said to be looking at ways to cut back spending after initially having hoped that Elton’s megabucks tour would have “seen him into his retirement”.
Mail On Sunday report that Sir Elton is unlikely to be able to receive any insurance pay out for his losses.
Elton John is said to be facing a £60m hit due to the Covid pandemic (Image: Getty Images for Rocket Entertainment)
Elton’s European leg is set to start early September in Germany but it is not yet know if it will be able to go ahead as planned.
They added that many staff at Elton’s sprawling Atlanta mansion which acts as a base for US tours are currently on a time out.
Before the virus took hold, the Rocket Man singer was said to be worth a staggering £360million.
Elton John has refused to furlough his staff at Rocket Entertainment (Image: Getty Images for Global Citizen)
A source said: “The tour was forecast to make over £60million this year. That revenue has literally disappeared overnight. Nobody expected this.”
However, his own financial woes, rather than making the tax payer stump up the cash for his employees at his UK based Rocket Entertainment company Elton has decided to meet the costs himself.
The idea had been floated that Rocket Entertainment could turn to the government’s furlough scheme which pays the tax payer foots the bill to the tune to 80% of all staff salaries.
The source added to the Mail on Sunday: “The touring concert business has literally ground to a halt and will be one of the very last businesses to return to operations.
“With no vaccine or effective treatment on the horizon, the worst case scenario is that it could be 2021 before the tour is up and running again.”
Source: Celebrities - dailystar.co.uk
