Reid was Sir Elton's business manager for 26 years

But after hearing submissions, he refused, saying he was not satisfied an appeal "would have any real prospect of success".

However, Sir Elton's legal team can still make a further application for permission to appeal directly to the Court of Appeal.

Sir Elton had sued Andrew Haydon, former managing director of John Reid Enterprises (JREL) and City accountants PricewaterhouseCoopers, which looked after his business interests.

The application for permission to appeal related only to PricewaterhouseCoopers.

The singer had accused Mr Haydon, his former manager of 26 years, of negligence in allowing JREL to charge him overseas tour expenses, including booking agents, accountants and producers.

Sir Elton claimed he had agreed with JREL that it would pay the costs of his touring.

In return, it would receive a commission of 20% gross of all the money he made as a performer and through his companies.

Both defendants vigorously contested the allegations against them.

Fanciful

The judge found Sir Elton and his companies were liable for the touring costs, not JREL.

Giving his ruling on Wednesday, Mr Justice Ferris said he had to ask whether it had: "A real prospect of success - that is to say a realistic, as opposed to fanciful, prospect of success."

He added: "It's possible, of course, that a court which has not considered the matter in the way that I have will take a different view.

"But looking at it from my own perspective I am not satisfied that an appeal would have any real prospect of success."

On Tuesday night, 20 luxury classic cars Sir Elton John were auctioned, raising almost �2m.

The singer said he sold the cars because he is always out of the country and never has a chance to drive them.