Elton John loses £60 million from cancelled tour

1 June 2020, 10:13 | Updated: 1 June 2020, 10:21

The superstar has had to lay off bandmates and staff following the shelving of his farewell tour.

Elton John has lost an estimated £60 million after the coronavirus pandemic forced him to cancel his farewell tour this year.

The Mail On Sunday reports that Elton and his partner David Furnish have been left "bereft" after having to take the hit on the touring costs - it's unlikely they will see any insurance payout and the cash was expected to see the legend through his retirement. Elton is, however, worth an estimated £360 million.

Shelving the tour has also meant that the star has had to lay off members of his band - including guitarist Davey Johnstone and drummer Nigel ­Olsson who have both worked with Elton since the early 1970s - until touring can resume.

Some of the superstar's domestic staff at his home in Atlanta, Georgia have also been told their services will not be required.

34 of the singer's US dates have been cancelled, and it's not yet known how the pandemic will affect the shows scheduled between September and December, which include four nights at London's O2 Arena.

"The tour was forecast to make over £60 million this year. That revenue has literally disappeared overnight," a source told the paper. "Nobody expected this."