Simon Cowell loses USD 20,000 bet

Updated: Dec 22, 2012, 11:56 AM IST

Los Angeles: Music mogul Simon Cowell has reportedly lost a USD 20,000 bet against LA Reid after his rival`s act won `The X Factor`.

`The X Factor` USA mentors reportedly placed the wager at the beginning of the second series that one of their act`s would be crowned the winner, which would see the victorious judge win USD 20,000.

Cowell, 53, lost the bet when Reid`s act Tate Stevens received the highest number of public votes and was announced the champion, reported TMZ online.

"Simon hasn`t displayed any signs of being a sore loser and plans to send his rival - (who recently announced he would not return to the reality series next year after two seasons on the judging panel) a cheque as soon as possible," a source said.

Cowell recently said that Reid is already regretting quitting the show to concentrate on his job as chairman of Epic Records.