Harry Potter debt jolts Hollywood

A supposed blockbuster, Harry Potter And The Order Of The Phoenix starring Daniel Radcliffe
and Emma Watson has racked up huge debt, according to a profit statement leaked recently.

The fifth movie in the hit franchise reportedly lost 110 million pounds, despite making 619 million pounds at the box office
and news that the 2007 film has suffered these debts has shocked Hollywood, Daily Star reported.

It is the ninth highest grossing film of all time, experts say the figures, leaked to film industry blog Deadline, proved Hollywood is in an even worse state than feared. But others blamed "creative accounting" as the film was listed with costs of just 100 million pounds."If these figures are true, then Warner Brothers have turned this practice into a whole new ball game. If one of the most successful movie franchises in history cannot officially make money, what can?," an insider said.

Sources claimed it was a way of preventing huge payouts to stars on a percentage share of profits.