Sir Paul McCartney has revealed he was never under any illusion that Michael Jackson would leave the rights to the Beatles back catalogue to him.

The star said he wanted to "put the record straight" and did not ever believe suggestions his old friend would pass the lucrative catalogue on to him.

Jackson's 50% share in the Beatles catalogue was one of the late singer's most valuable assets and, together with other song rights, was estimated to be worth in the region of £300 million.

Suggestions had circulated that Jackson, once a close friend and recording ally of Sir Paul in the early 1980s, had planned to pass the rights back to him. Jackson bought Northern Songs - which owned almost all the Lennon and McCartney Beatles compositions - in the mid 1980s, outbidding Sir Paul.

The ex-Beatle said: "Some time ago, the media came up with the idea that Michael Jackson was going to leave his share in the Beatles songs to me in his will which was completely made up and something I didn't believe for a second.

"Now, the report is that I am devastated to find that he didn't leave the songs to me. This is completely untrue. I had not thought for one minute that the original report was true and, therefore, the report that I'm devastated is also totally false, so don't believe everything you read folks!"

He continued: "In fact, though Michael and I drifted apart over the years, we never really fell out, and I have fond memories of our time together.

"At times like this, the press do tend to make things up, so occasionally, I feel the need to put the record straight."