U2 could lose as much as £100million after they were forced to cancel a number of live shows due to singer Bono's back injury.

In May, the band axed the start of their US tour and Glastonbury slot – both set to take place this month – after Bono injured his spine during rehearsals.

According to The Sun, U2 are covered against injury, but are likely to suffer a financial setback from general touring costs.

"Bono and the band are covered by insurance but the cost of overheads and missed revenue could easily reach £100million by the time he's fit enough to perform again,” a source told The Sun.

The band's manager Paul McGuinness added: "If we play or not, touring still costs us £500,000 a day."

Bono has been advised to rest for two months, although it is not yet clear when the band plan to resume their 360 Degree world tour.

(by Jason Gregory)