Fri, 06 July 2007 12:00:00 ET
The Rolling Stones bassist Ronnie Wood had to borrow money from Mick Jagger and Keith Richards after his business failed.
Ron Wood was forced to borrow £250,000 from his
The Rolling Stones bandmates. The guitarist had blown so much of his fortune after years of extravagant spending and failed business ventures that he had to ask
Mick Jagger and
Keith Richards for the cash.
The pair lent Ronnie the money with the provision he paid it back with his earnings from future tour dates. The 60-year-old rocker agreed to the conditions of the loan in 2004, ahead of the band's 2005 'Big Bang Tour'. A source told Britain's The Sun newspaper: "The 'Big Bang Tour' came just in time for him. He'd had to borrow a serious chunk of cash from Mick and Keith to see him through."
Ronnie - who has been a member of the Rolling Stones since 1975 lost around £8 million when he founded London's exclusive Harrington Club in 2000. Despite the hype surrounding the venue, the club proved a huge financial flop and went bust within three years. Ronnie faced financial ruin and was forced to re-mortgage his home. He later said of the disaster: "I'd never have recovered if I hadn't got out."
Ronnie's finances have now recovered thanks to the constant demand for his paintings, a horse racing stable and earnings from the band's tours.
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