FEARS FOR ELTON JOHN´S FINANCES AS HIS BUSINESS SLIPS MILLIONS INTO THE RED
PAPER: FEARS FOR ELTON JOHN´S FINANCES AS HIS BUSINESS SLIPS MILLIONS INTO THE RED
UK DAILY MAIL Thu Apr 07 2005 21:34:52 ET
HE is famous for his lavish expenditure. And just a few days ago he was lauded for his generosity to charity.
But his latest company accounts show that Sir Elton John may need to curb his considerable outgoings.
The figures reveal that the star´s company has an overdraft of nearly GBP 27million. The 2004 accounts for William A Bong, which is the parent company of Sir Elton´s businesses, showed a fall in turnover of more than GBP 5million.
But the biggest change was in the company´s overdraft which rose from GBP 14,880,265 to GBP 26,818,728 in the space of 12 months.
Pop music accountant Cliff Dane said he believed that the figures meant Sir Elton, 58, would have to carry on working for some time if the company was to avoid being in trouble.
´Everything is big with Elton John,´ he said. ´He makes a lot of money and he needs to keep on making it. He is borrowing more than he is earning for the company at the moment and that is why it has the overdraft. He has taken a lot of money out of the company and if he suddenly stopped working he could be in trouble.´
Sir Elton, a thrower of extravagant parties, once admitted saving was not his strong point. ´I have a flair for writing songs but I don´t have a flair for business,´ he said. ´I don´t have any people to leave money to. I am a single man. I like to spend money.´
But last night a spokesman for the star insisted he was not in financial difficulties, saying: ´This does not affect his personal wealth. He has three films on the go, two theatre shows, a big photographic exhibition and he paid out for his tours so he is waiting to get a lot of the money back.
´Every company has borrowings and this company is no different.´ The accounts are likely to improve this year. Sir Elton has written the music for a new West End version of Billy Elliot and signed a three- year GBP 30million deal to perform in Las Vegas.