Boris Johnson has pulled out of the race for Conservative Party leader earlier this year for fear of forfeiting at least £10 million a year in income from speaking engagements and the sale of his memoirs, reports the Observer, citing a source in the entertainment industry. It was financial considerations that played a role in Johnson's decision to back out.

It is known that since he resigned in July, Johnson has been in talks with entertainment and talent agencies, including Endeavour, which is run by American businessman Ari Emanuel, and the Harry Walker Agency (HWA), one of his subsidiaries.

HWA clients include Bill Clinton, Barack Obama and Serena Williams.

Johnson's potential income is estimated at about £20 million a year.

Most Tory supporters, including Johnson's supporters, believe that the main reason for his refusal to run for British prime minister was that he was told that he risked ruining the Tory party and with it his reputation. Some of his allies, however, were surprised and disappointed by his decision.

According to The Observer source, people associated with Emanuel made it clear to Johnson that if he lost to Rishi Sunak, his appeal to a global audience and therefore significant