[source: NME.com] Michael Jackson is facing the prospect of losing his Beatles back catalogue. The singer, who snapped up the rights after outbidding Paul McCartney in 1985, could be forced to relinquish his ownership by May 31, 2008, after allegedly running up huge debts. The move comes after Jackson sold part of his ownership to Sony last year with an option to buy his entire stake at a later date. It is believed he may also have to pay AU$317 million for expenses the company have incurred since taking over the partnership. But under his current deal, Jackson is still expected to get an annual advance of AU$8.21 million and AU$2.46 million under another clause. He bought the coveted publishing rights for AU$66 million in 1985. They are now thought to be worth AU$696 million. The 4000-song catalogue contains more than 200 Beatles tunes.