X-Factor flop Paul Holt could be on his way to winning £50,000 from Simon Cowell.

Cowell told him: "If you get a record deal and a No 1 single, I'll give you a cheque for £50,000."

Paul has now signed a record deal and the bookies make him the 20/1 sixth favourite for the Christmas No 1.

His novelty record - called Fifty Grand for Christmas - attempts to turn the tables on Cowell, says the Mirror.

Paul, 37, from Bury, said: "I think I've got as good a chance as anybody. This is an incredible bonus I never expected and I hope tyhe public can get behind me.

"Fifty grand is a drop in the ocean to Simon but to me it's four years wages. He would look like a fool if he didn;t pay up."

Cowell made his offer after rubbishing the call centre worker's attempt to cover Cilla Black's You're My World

X FACTOR flop Paul Holt is determined to make Simon Cowell eat his words.

The TV judge dismissed him, saying: “Get the Christmas No 1 and I’ll give you £50,000.”

Now Paul, 37, of Bury, is releasing Fifty Grand For Christmas in a bid to cash in.

But Simon is convinced his money is safe.

He said: “He needs a miracle to stop Band Aid hitting No1.
“Problem is, his song is c**p.”