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Elton John World News: Sir Elton's company warned of cash crisis

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The Daily Telegraph London

Wednesday 28 January 1998 @ 1:00 - GMT

SIR Elton John's management company has been warned of an apparent cash crisis by its accountants Price Waterhouse, it emerged yesterday.

       

A leaked letter to the managing director of the company warns that the "available headroom" of cashflow in the business will run out by "substantial sums" by April.

       

The letter, published by the Mirror, suggests that the singer closes a publishing deal, sells some assets, or performs for the Sultan of Brunei to help make up the anticipated shortfall.

       

Sir Elton's office refused to comment on the report, but it is understood that staff have launched an inquiry into what one source described as a "horrifying" leak.

       

The letter, believed to be genuine, asks the company to think

 about how to fill the shortfall "as a matter of urgency".

 

News of a cashflow problem - the extent of which is not specified  - should not give Sir Elton sleepless nights. His personal fortune is vast. One tour of America brought in pounds 175 million and his back catalogue is worth at least pounds 100 million.

       

A spokesman for Price Waterhouse said: "We can confirm that we work for him but we never ever talk about client work and we will not break that rule now."

       

Sir Elton raised pounds 30 million for the Princess Diana Memorial Fund with his single Candle In The Wind and has given millions to charity in recent years.

       

All the royalties from his single releases for the past nine years have gone to his Aids foundation.