Harry Potter and the Order of the Phoenix in the red

Blockbuster movie Harry Potter and the Order of the Phoenix is £110 million in debt it was claimed last night.

The news has rocked Hollywood considering that the wizard film made £619 million at the box office, making it the ninth biggest grossing film of all time.

Experts have been speculating after the figures were released that Hollywood is in an even worse financial condition than first feared.

Others have blamed “creative accounting” for the shocking figures as Hollywood insiders often transform hit films into those which appear in the red to prevent paying out huge percentages to the film stars.

One source said: “If these figures are true, the Warner Brothers have turned this into a whole new ball game.”

“If one of the most successful movie franchises in history cannot officially make money, what can?”