Sir Elton John will be managed by Sanctuary

He has also signed a five-year deal to be managed by Sanctuary after parting company with his previous manager.

Twenty-First Artists was set up to manage Sir Elton's business interests as well as handling new artists.

"I feel strongly this will represent the continuation of a very creative period for me," said Sir Elton, who is currently performing in Las Vegas.

"I am very pleased to be involved with Sanctuary as I have been impressed by the approach they take, particularly toward the artist."

Respected artist

Sanctuary is one of the world's largest artist management companies, representing stars including Morrissey, Beyonce and the Manic Street Preachers.

Executive chairman Andy Taylor said: "The status of Sir Elton John as a respected and hugely successful artist is unassailable and we are obviously very happy to be involved in his career going forward.

"I am pleased Sanctuary's approach to the music industry is attractive to artists of the credibility of Sir Elton John."

Although Sir Elton is Twenty-First Artists' biggest name, the company has also worked with Jamiroquai and Mis-Teeq and is now championing the career of James Blunt.

The deal, involving a combination of cash and shares, will also see Twenty-First Artists co-owners Frank Presland and Keith Bradley join Sanctuary for the next five years.