Originally published on Advocate.com April 12 2005 12:00 AM ET
While the singer is not personally bankrupt, Elton John's business is running a deficit of more than $50 million, reports The [London] Daily Mail. The out singer's various business ventures are borrowing money faster than they can earn it, which may explain John's recent firing of his manager and British publicist as well as the selling of his management company to the Sanctuary Group. The paper quotes accountant Cliff Dane, who noted that John needs to continue generating revenue to remain afloat: "He has taken a lot of money out of the company, and if he suddenly stopped working, he could be in trouble." A spokesperson for John says, however, that company matters won't affect the superstar's personal wealth: "He has three films on the go, two theater shows, a big photographic exhibition, and he paid out for his tours, so he is waiting to get a lot of the money back."