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The man who launched the Aussie princess' career reveals the downside of such a feat...

Pop svengali PETE WATERMAN has said discovering Kylie Minogue

was the worst thing that ever happened to his production company in the late 80s.

Alongside Mike Stock and Matt Aitken, Waterman created Kylie Minogue‘s first hit ‘I Should Be So Lucky’ in 1988, plucking her from Australian soap opera ‘Neighbours’ and sending her on the way to stardom. Now, he says the move almost destroyed him.

“In 1989 we banked £17 million and I thought, ‘Fantastic’, until the accountant phoned to say we were £8.9 million overdrawn,” he tells the new Radio Times.

“No-one warned, ‘You’re paying the artist too much’. In retrospect Kylie Minogue

was the worst thing that happened to us although she’s fantastic and we’re all best mates. We were a small company, sharing our revenue with the artists, which sounds applaudable, but when you becomeKylie Minogue, running the empire is enormously expensive.”

The SAW team were responsible for a slew of hits from chart stars like Rick Astley and Banarama through the 80s. More recently, Waterman has been behind the career of Steps.

The producer, who was also a judge on the ‘Pop Idol’ show, also took a swipe at new pop acts who he claimed were simply in the business to make as much money as possible.

“Artists are pricing themselves out of the market, like footballers. All they talk about is how much money they can make and I’m fed up with it.”