Gordon Ramsay Reportedly $50 Million In Debt
TV personality and celebrity chef Gordon Ramsay is in a bit of hot water this morning. The man behind hit cooking shows such as Master Chef, Hell’s Kitchen and Kitchen Nightmares is in his own nightmare.
According to reports on TMZ, Gordon’s self-made empire is crumbling; his company Ramsay Holdings has declared a total of $50 million in debt in part to huge legal fees.
While his TV shows are huge hits, his business is not. Reportedly, of all the restaurants he has featured on his Kitchen Nightmares, 60 of them have closed. He’s also being sued for $6 million for abandoning FAT COW, his L.A. restaurant, by his landlord claiming the chef skipped out on his $52,000 per month longterm lease at The Grove.
He reportedly closed the L.A. restaurant due to a long legal battle with a Florida restaurant of the same name, which claimed to own the exclusive naming rights to “Fat Cow.” His business partner, Rowen Seibel, is now suing Ramsay for $10 million, but in a countersuit, Ramsay claimed in court documents that the restaurant failed because Seibel mismanaged the finances.
Update 8.11.14: We’ve received a statement from Gordon Ramsay’s publicist regarding the lawsuit:
“It’s the unfortunate, but inevitable normal procedure resulting from Rowen Seibel’s gross mismanagement of the restaurant and diversion of funds from the business that lead to a string of financial and legal issues,” Ramsay’s publicist, Staci Wolfe, said in a statement.
Hear more on the story in the complete Entertainment Report below.