Elton's New Year's Eve party at London's O2 Arena is suffering the effects of the credit crunch - organisers are offering cut-price ticket sales in a last minute bid to entice revellers.

Elton is performing part of his Red Piano tour at the concert in London and the event's bosses expected huge demand for the show - which will be broadcast on TV networks worldwide.

Elton will be joined by singer Will Young and recently crowned X Factor champion Alexandra Burke to ring in 2009.

But despite a huge publicity campaign for the show - which has room for 17,000 guests - tickets have failed to sell out in time for December 31, 2008. And in a desperate bid to flog seats, organisers at the O2 Arena are offering a four-for-three deal for paying customers, leaving the entry price for the gig $111 (GBP74) per person - reduced from $165 (GBP110).

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