Madonna denies giving Guy £50m

There's been an embarrassing volte face for Madonna in the ongoing saga of the Material Girl v Guy Ritchie. The 50-year-old singer has been forced to admit that her claim to have given her ex-husband between £50m and £60m – released to the press by her own spokeswoman on Monday - was "misleading and inaccurate".

The press statement, given out by Liz Rosenberg in New York, apparently incensed Ritchie. He believes it was a deliberate untruth, released as part of an ongoing PR campaign against him.

After a day of heated discussions between the two camps, a new, joint statement has been issued. "We have tried to maintain a dignified silence regarding the details of our divorce for the last few months while accepting the obvious media interest," it read. "A misleading and inaccurate statement, specifically in relation to the sums of money involved, was wrongly issued this week. The financial details of the settlement will remain private."

Latest estimates are that Ritchie will be given around £2.5m in cash, as well as several properties – including the couple's country home, Ashcombe House in Wiltshire - and up to £10 million in maintenance to cover his time spent looking after their sons Rocco and David.