Rumors have come in that Microsoft will be shelling out quite a bit of money due to some red ring of death issues with the Xbox 360 Elite. According to an article from the Daily Mail, the repair bill will cost the company £500 million.

Those who purchased the console and experienced the red ring of death have been sending their systems back to the Microsoft, which are in turn are being shipped to Germany for repairs.

Microsoft has released a statement which pointed out that "the majority of Xbox 360 owners enjoy a great experience with their console" and that "anyone with a problem should call Xbox customer service."