According to The Sunday Times June 27, 1999, Elton seeks a £25 million loan to pay off his bills.
Elton negotiating with London finance house, HSBC Samuel Montagu, and agreed to sign over income from future record sales as well as proceeds from old ones, the newspaper says.
Elton reportedly needs most of the money to clear loans outstanding in the UK and the USA, including an $11 million overdraft with an English bank.
Elton's manager, Frank Presland, is quoted "Elton John's finances are sound." According to Presland, Elton is just reorganising his finances, and he is trying to gain more control over his back catalogue.
