Elton John and the U.S. Government have something in common: They are both operating under huge deficits.
While the "Still Standing" singer may not be personally broke, according to London's Daily Mail, his business is more than $50 million in the hole.
The 58-year-old's parent company for his various business endeavors is borrowing money faster than it can replace it, according to the report.
The Mail quotes Cliff Dane, an English music accountant, saying John might be in serious financial trouble should he fail to rake in millions as he has in years past.
"He has taken a lot of money out of the company and if he suddenly stopped working, he could be in trouble," said Dane.
But a rep for the iconic performer, who has shaken up his inner circle lately by firing his longtime publicist, Barbara Charone, and manager of five years, Derek MacKillop, denied John is having money issues.
"This does not affect his personal wealth," the rep told the Mail. "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."
Perhaps in an effort to bulk up his wallet, John recently sold his management company to U.K.-based Sanctuary Group in a deal valued at $30 million, per reports earlier this week.
And Sir Elton has several irons in the proverbial fire this year that could potentially net him millions more.
The singer is still holding down his multi-million dollar exclusive engagement at Caesars Palace's Colosseum in Las Vegas, in a deal valued at over $50 million prior to its start in February of 2004.
John, along with Bernie Taupin, has also created a large-scale theater production loosely based on two of Anne Rice's famed "Lestat" vampire novels. The show is likely Broadway-bound, with a first run set for San Francisco's Curran theater later this year.
Sir Elton is no doubt hoping Lestat performs better than his last theater endeavor--his Aida only eked out $12 million in profits despite good reviews and a long run. Aida went dark in September of 2004.The songwriter has also penned the music for a West End version of Billy Elliot, per the Mail.
But John will likely take home money the old-fashioned way this year, by touring like a madman. The flamboyant one will spend much of 2005 criss-crossing the globe, playing stadiums from Olso to Indianapolis.
Sir Elton will turn up next this weekend in Las Vegas at Caesars before heading to New York's New Museum of Contemporary Art April 17 to host its Annual Gala and Live Auction. John is the Honorary Chair for the event.