With an estimated worth of some $452 million, it seems unlikely that Elton John would ever be suffering financially, but the British tabloid The Mail on Sunday claims that the legendary singer has been forced to lay off employees due to the postponement of his Farewell tour.
The Mail on Sunday claims that Elton and his husband David Furnish have been left “bereft” because they’d planned on earning $75 million this year for concerts that have now been moved to 2021. The paper also claims that Elton is “unlikely” to get any insurance payments for the tour dates.
“That revenue has literally disappeared overnight,” a source dishes to the paper. “Nobody expected this.”
Elton does have 48 dates scheduled for this fall but according to the paper, until it’s clear whether those concerts will go forward based on the status of the COVID-19 pandemic, he’s laid off his longtime band members, including guitarist Davey Johnstone and drummer Nigel Olsson.
What’s more, the Mail on Sunday claims that Elton’s also laid off some of the domestic staff at his home in Atlanta, and is now paying the salaries of the staff of his company, Rocket Entertainment, out of his own pocket.
“Sir Elton is now thought to be assessing if he will need to make further savings and, if so, where,” says the paper.
By Andrea Dresdale
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