Michael Jackson to Sell the Beatles?

Insiders close to the King of Pop and his record development, which is already a year behind schedule, are saying that Michael does not have enough liquid assets to continue to fund his latest venture. Reports are now surfacing that he has been borrowing considerable amounts of money from Sony Music, just to keep the project afloat. The huge Madison Square Garden concert that will see the reunion of the Jackson Five on Sept. 7 will also involve Whitney Houston, *NSYNC, and Britney Spears. That list will surely grow as the show nears, with tickets sure to become some of the hottest around at the time.

But none of that changes the fact that Michael is hurting for cash. He has plenty tied up in investments, but he needs to be liquid to finance this project and some of his funding ideas have already proven unsuccessful. All of this has led to the London Sun reporting that Jackson has placed his Beatles catalogue on the market for an astounding $700 million. He purchased the songs in 1985 from failing Apple Records for a paltry $50 million.

And guess who is rumored to be first in line to buy the Beatles rights? That's right. Paul McCartney. McCartney, once a friend and frequent co-performer of Jackson's, is said to have held a grudge since Jackson purchased the Beatles rights. The fact that Michael allowed some of the legendary group's work to be used in television commercials fueled McCartney's rage and friends say he is determined to bring the Beatles catalogue back to one of its rightful owners.