GHOST RIDER Sequel Faces Last Minute $60 Million Budget Cut

Sony Pictures and Hyde Park have slashed the projected budget of Ghost Rider: Spirit of Vengeance in order to green light production; film's star Nic Cage accepts salary cut as well.

The 2007 comic book adaptation, Ghost Rider, was considered a mild financial success. With a budget circulating around $110 million, the film went on to gross a total of $229 million worldwide. Unfortunately, those involved with Ghost Rider: Spirit of Vengeance, a direct sequel of the first film, will have to make due with a smaller budget to play with. Sony Pictures, the studio spearheading the sequel, has teamed up with Ashok Armitraj’s Hyde Park Entertainment; who will co-finance the project. Sony apparently needed assistance because of the amount of capital they have tied into the upcoming Spider-Man reboot, Men in Black 3 and The Girl With the Dragon Tattoo; which is currently filming in Sweden.

The Wrap is reporting that the final budget for the project has dropped from $135 million to $75 million. Even the film's headlining star, Nicolas Cage, has had to accept a salary cut from $12 million to $7 million. No word yet which departments will be most affected by the financial loss.

Idris Elba, Ciaran Hinds and Placido Violante have also been cast in the film, which is scheduled to film on location in Eastern Europe. Based off of a screenplay written by David Goyer and directed by duo Mark Neveldine and Brian Taylor, Ghost Rider: Spirit of Vengeance is expected to ride into 2D and 3D theaters February 17th, 2012.