According to a new lawsuit, hip-hop artist Lil Wayne could lose a large portion of the label that promotes artist such as Drake, Nicki Minaj and several others.
Before Wayne acquired the Young Money label in 2011 there was a website entitled youngmoney.com, a business which specialized in helping young entrepreneurs make and manage money for more than a decade.
According to the suite filed by the company that sold the domain name to Wayne for $600,000, the rapper’s company has yet to pay the $250K it owes. Wayne has also allegedly been evading request to pay off the bill.
If Wayne’s Young Money fails to make payments in time, the label will be forced to forfeit the name back to the original seller.
If Young Money is lost in the suit, Wayne will be forced to pay the $350,000 he had already paid to acquire the name in the first place and have to start over with a new name. The rapper will also have to pay for damages and additional legal fees to Young Money Media.
