Elton John lays off staff and bandmates after taking a $75 million hit from cancelled tour - report

Elton John

Elton John has reportedly been left "bereft" after taking a significant $75 million (£60 million) hit after coronavirus forced him to cancel his farewell tour.

According to The Mail on Sunday, the Tiny Dancer star and partner David Furnish had anticipated the cash would see the star into his retirement, and it is believed the hitmaker is unlikely to receive any insurance payout for the losses.

The cancellation of the tour has also resulted in his long-serving band - including guitarist Davey Johnstone and drummer Nigel ­Olsson - being laid off until it becomes clear if concerts scheduled for later this year will take place, according to the publication.

A number of the domestic staff at the star's $25 million (£20 million) home in Atlanta, Georgia have also been told they are not needed.

Despite being worth an estimated $445 million (£360 million), according to the recent Sunday Times Rich List, Elton is now thought to be assessing if he will need to make further savings and, if so, where.

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

Elton had to postpone or cancel 34 U.S. dates from his Farewell Yellow Brick Road tour, and it is increasingly likely that the 48 gigs scheduled from September to December will also be affected.

© Cover Media