Ramsay, who helps business owners on shows like Kitchen Nightmares and Hotel Hell, and the umbrella company that handles his business endeavors, Kavalake Holdings, lost more than $10 million dollars in 2013.
The same report reveals that Kavalake has some $7 million in cash holdings but has $50.5 million in debt due in one year.
Radar does point out the debt numbers are only related to Ramsay's British business operations. He has 12 restaurants in the U.K., but has many more including locations in the United States, France, Italy and Qatar.
It's also not Ramsay's first brush with bankruptcy, but while individual restaurants may close and legal fees may pile up, the celebrity chef is or has been the star of more than a dozen popular cooking shows in the U.K. and U.S.
"This is an inaccurate interpretation of the public filings that were reported widely in the media back in May, and any claim that the company is anywhere near bankruptcy is ludicrous," a Ramsay spokesperson said in an email to UPI. "It is standard for the head of the company to deliver loans to expand the business and ensure experiences remain first class, and the Gordon Ramsay Group continues to deliver a strong performance, with growth year on year."
Either way, one source of revenue, Kitchen Nightmares, will soon be off of Ramsay's plate.
"As filming comes to a close on the latest series of Kitchen Nightmares I've decided to stop making the show," Ramsay wrote on his website. "I've had a phenomenal 10 years making 123 episodes, 12 seasons, shot across 2 continents, watched by tens of millions of people and sold to over 150 countries. It's been a blast but it's time to call it a day."