U2 'lose £100m over cancelled tour'

U2 reportedly stand to lose up to £100 million after cancelling their world tour following Bono's emergency back surgery.

The band were recently forced to axe their headline slot at this year's Glastonbury festival after frontman Bono was admitted to hospital with partial paralysis.

They have now confirmed that the next leg of their world tour is on hold, but will still cost the group half a million pounds a day.

U2's manager Paul McGuinness told The Sun: "If we play or not, touring still costs us £500,000 a day."

A source added: "Bono and the band are covered by insurance but the cost of overheads and missed revenue could easily reach £100 million by the time he's fit enough to tour again."

The group are expected to announce the rescheduled dates later this week.