Young Money may have been the best rap group this year (according to BET) but that doesn’t mean all their legal ducks are in a row.
According to a new lawsuit, the web domain www.youngmoney.com was bought by Lil Wayne’s dream team for more than a half a million dollars but the original owners are saying they never received the full payment that was agreed upon reliquishing the name. And they are coming to recoup what they feel is rightfully their’s.
Lil Wayne’s label could lose the firehose that promotes stars like Drake and Nicki Minaj among many others … according to a new lawsuit.
Turns out before there was Young Money there was something called youngmoney.com — a business specializing in helping young entrepreneurs manage and make money for more than a decade.
The suit claims the company that owned the website sold it to Wayne’s Young Money label in 2011 for $600,000. But there were strings attached … if Wayne’s Young Money didn’t make the payments on time, YM would forfeit the name youngmoney.com and it would go back to the seller.
Wayne’s company hasn’t paid the $250K balance it owes and is blatantly blowing off its obligation … according to the lawsuit. So the seller is suing to get its domain name back.
We reached out to Wayne’s Young Money. They had no comment.
Of course, all this legal hoopla can be rectified with Lil Wayne tweeting to his 17 million Twitter followers the link to a new website in a flash. Or paying what they owe. Whatever’s clever.