Jay Z's sports management company is being sued for $20 million
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gemini86
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http://www.businessinsider.com/jay-zs-roc-nation-is-getting-sued-for-a-whopping-20-million-2015-8
The suit claims that Jay Z's company tried to poach a world-class fighter, Demetrius Andrade, away from an existing deal Andrade had with other promoters. Roc Nation Sports is accused of later backing out of the deal, and dumping the fighter altogether.
According to the New York Daily News, Joe DeGuardia with Star Boxing and Artie Pelullo with Banner Promotions claim that Roc Nation Sports wanted the currently undefeated Andrade, 27, to become the sports management firm's first signed fighter last September.
Roc Nation allegedly agreed to pay Andrade $550,000 to drop out of a fight already negotiated by Andrade's two existing promoters, which was already set to air on Showtime last December.
It was part of an effort, the suit alleges, to "interfere" with the plaintiffs' "Exclusive Promotional Agreement" with Andrade, and facilitate a buyout of his contract so that Roc Nation Sports could sign him.
According to The Daily News, reps for Roc Nation told Andrade that by dropping the Showtime fight and his existing promoters, the company could negotiate a bigger, better fight deal with HBO.
Label reps allegedly took Andrade and his family under their wings; inviting them to the company's headquarters where they met president of Roc Nation Sports, Juan Perez and others.
The fighter eventually pulled out of the match, allegedly under pressure from Roc Nation, but was never paid, the suit claims, and "no serious efforts" were made to buyout Andrade's contract.
According to The Daily News, the filing seeks $20 million and punitive damages on the basis that Roc Nation acted “willfully, maliciously, recklessly, wantonly and with intent to injure Star Boxing and Banner Promotions.”
The boxing promoters also claimed their relationship with Showtime has been irrevocably damaged, according to the New York Business Journal.
"Roc Nation's promise to Andrade was made under false pretenses, namely, that Roc Nation was negotiating to purchase Andrade's contract from the promoters and thereafter would negotiate a more lucrative bout for Andrade on HBO," the official filing states. "Ultimately, Andrade agreed to Roc Nation's false inducements and spurned the professional boxing match the promoters had negotiated with Showtime."
Business Insider has reached out to Roc Nation and will update the post accordingly.
Read more: http://www.businessinsider.com/jay-zs-roc-nation-is-getting-sued-for-a-whopping-20-million-2015-8#ixzz3hap1At4x
The suit claims that Jay Z's company tried to poach a world-class fighter, Demetrius Andrade, away from an existing deal Andrade had with other promoters. Roc Nation Sports is accused of later backing out of the deal, and dumping the fighter altogether.
According to the New York Daily News, Joe DeGuardia with Star Boxing and Artie Pelullo with Banner Promotions claim that Roc Nation Sports wanted the currently undefeated Andrade, 27, to become the sports management firm's first signed fighter last September.
Roc Nation allegedly agreed to pay Andrade $550,000 to drop out of a fight already negotiated by Andrade's two existing promoters, which was already set to air on Showtime last December.
It was part of an effort, the suit alleges, to "interfere" with the plaintiffs' "Exclusive Promotional Agreement" with Andrade, and facilitate a buyout of his contract so that Roc Nation Sports could sign him.
According to The Daily News, reps for Roc Nation told Andrade that by dropping the Showtime fight and his existing promoters, the company could negotiate a bigger, better fight deal with HBO.
Label reps allegedly took Andrade and his family under their wings; inviting them to the company's headquarters where they met president of Roc Nation Sports, Juan Perez and others.
The fighter eventually pulled out of the match, allegedly under pressure from Roc Nation, but was never paid, the suit claims, and "no serious efforts" were made to buyout Andrade's contract.
According to The Daily News, the filing seeks $20 million and punitive damages on the basis that Roc Nation acted “willfully, maliciously, recklessly, wantonly and with intent to injure Star Boxing and Banner Promotions.”
The boxing promoters also claimed their relationship with Showtime has been irrevocably damaged, according to the New York Business Journal.
"Roc Nation's promise to Andrade was made under false pretenses, namely, that Roc Nation was negotiating to purchase Andrade's contract from the promoters and thereafter would negotiate a more lucrative bout for Andrade on HBO," the official filing states. "Ultimately, Andrade agreed to Roc Nation's false inducements and spurned the professional boxing match the promoters had negotiated with Showtime."
Business Insider has reached out to Roc Nation and will update the post accordingly.
Read more: http://www.businessinsider.com/jay-zs-roc-nation-is-getting-sued-for-a-whopping-20-million-2015-8#ixzz3hap1At4x
Comments
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They'll settle out of court. ROC Nation Sports got caught with their hands in the cookie jar, but it's a ? game and you gotta pay to play...shrugs
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I don't see how RNS is in trouble ..... no cash was given and no contracts signed. Dude canceled the fight, that's on him .....
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And he says I spam the reason
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I don't see how RNS is in trouble ..... no cash was given and no contracts signed. Dude canceled the fight, that's on him .....
Verbal promises and interference can be used against them -
@amenhotepiv cry @d0wn cry
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In b4 the ? calling.
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Nah
I just dont like it when a black business person/mogul/enterpeneur gets bad press for ? that every other business does -
Birdman suing for 50 milion and now this guy suing for another 20 m's thats alot of bread if he comes out on the losing end of those lawsuits.
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Hope he has proof or he's getting way less than $20 million dollars. And you ? be buggin.....running to report Jay-Z failing news on here. SMH.
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Meh.....? get sued everyday rarely do they ever get what they want.... Birdman ain't getting 50 mill and this boxing company ain't getting 20 mill... The birdman one probably gonna get thrown out and this one too
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amenhotepiv wrote: »
Verbal promises doNt mean nothin in court. -
lawsuit aside Roc Nation artists catching L's right now. KD got based got cursed and been hurt. Robinson Cano average done dropped real low and he already wants out of seattle.
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Monizzle14 wrote: »lawsuit aside Roc Nation artists catching L's right now. KD got based got cursed and been hurt. Robinson Cano average done dropped real low and he already wants out of seattle.
RNS just broker the deal ..... how the athletes perform after ink is dry and checks cashed is on them -
Monizzle14 wrote: »lawsuit aside Roc Nation artists catching L's right now. KD got based got cursed and been hurt. Robinson Cano average done dropped real low and he already wants out of seattle.
And they both making 200+ mill.....I'll take that if we calling those L's -
The 50 cent effect? Every rapper with some paper will be getting sued
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amenhotepiv wrote: »Nah
I just dont like it when a black business person/mogul/enterpeneur gets bad press for ? that every other business does
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Monizzle14 wrote: »lawsuit aside Roc Nation artists catching L's right now. KD got based got cursed and been hurt. Robinson Cano average done dropped real low and he already wants out of seattle.
And they both making 200+ mill.....I'll take that if we calling those L's
no amount of money can make up for being based ? cursed like KD was. i don't think you understand the horror and struggle KD has had since he messed with lil b man. -
raheemclassick wrote: »Especially from Black People"
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blackamerica wrote: »raheemclassick wrote: »Especially from Black People"