Jacko admits defeat in £400m Beatles song rights battle
Michael Jackson is being forced to sell off part of his catalogue of Beatles songs in a bid to stave off bankruptcy.
The singer outbid Sir Paul McCartney and John Lennon's widow, Yoko Ono, to buy the songs for £24million in 1985.
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The deal gave Jackson control over the Fab Four's repertoire and hits by artists such as Bob Dylan and Neil Diamond.
But now the giant Sony entertainment company is ready to claim as much as half of his holdings as payback for a financial fix that the disgraced star agreed to last year.
"Sir Paul will be delighted,' a source close to Jackson said. "But for Michael this will be devastating. He fought tooth and nail to try to find an alternative but he doesn't see one."
Jackson's rights to the music - which he co-owns with Sony - are valued at between £250 million and £400 million.
The catalogue has earned him hundreds of millions of pounds over the years but he has squandered his earnings maintaining his lifestyle.
And he racked up huge legal fees successfully defending himself against allegations that he abused children at his Neverland ranch.
His Beatles collection is at risk after an American investment group threatened to foreclose on a £140million loan they made to Jackson.
Sony helped him repay the debt in return for an option to buy half of his 50 per cent stake in the catalogue - and they now want to enforce the option.
New York entertainment commentator Roger Friedman said: "It's known as the Liquidation Sale among insiders."
The singer is facing enormous new financial demands, including a £10million loan payment due in October and a £14million writ from a finance firm.
