Sir Elton John is reported to have lost $120 million after Coronavirus forced him to cancel his farewell tour.

The Mail on Sunday in the UK has revealed that Elton and his partner David Furnish have been left ‘bereft’ as the money made from the tour would have seen him retire.

It is believed that Elton, 73, will not get any insurance payout for the losses.

The cancellation of his tour has led to his long-serving bandmates – 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.

Thirty-four dates of the US leg of his Farewell Yellow Brick Road tour have so far been cancelled or postponed, and it is increasingly likely that some or all of the 48 gigs scheduled from September to December will also be affected.

Employees of Elton were initially told they would receive 80% of their wage from the UK government but since then, Elton has paid the wages all himself.