December 22, 2012 05:00 PM by Donna W. Martin
Another season of The X Factor has come and gone. And soon, some of Simon Cowell’s fortune will be gone too. What’s going on? Cowell owes fellow judge, L.A. Reid $20,000. Keep reading to get all the details.
According to TMZ, Cowell and Reid had a friendly yet competitive little bet going. The wager was made at the beginning of the season and the details were simply as follows, if either of them had a contestant to go all the way and win the competition, the losing judge would have to fork over $20,000 big ones.
As it turned out, Reid’s contestant, Tate Stevens, who had consistently ranked high among the other contestants, went all the way winning the competition and a $5 million recording contract. So now, it’s time for Cowell to put his money where his mouth is and pay up.
As much as Cowell would love to have won and been on the receiving end of the $20,000 bet, he’s not a sore loser and sources say he should be issuing a check to Reid very soon. After all, what’s $20,000 among wealthy friends?
Reid will not be returning to The X Factor next season. Instead, he plans to devote time to his company, Epic Records. “I have decided that I will not return to The X Factor next year” because “I have a company to run that I’ve kind of neglected,” Reid explained, “I have a huge responsibility to a roster of artists” and “It’s kind of time for me to stop doing ‘the me’ show and get back to doing ‘the them’ show.”
What do you think of the bet between Cowell and Reid? Do you think Cowell will pay up? And will you miss seeing Reid on the judges’ panel next season? Post a comment and let us know.
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Photo Credit: FOX