Court Releases Documents on Chief Keef $6 Million Record Deal
The agreements became public due to the fact that the controversial Chicago rapper is a minor (17-years-old) and thus, his contract needs a judge’s approval.
The three album deal is reportedly worth $6 million, but is incentivized throughout as it is based on record sales and other metrics.
According to DNAinfo.com, Chief Keef reportedly will be given a $440,000 advance, half of which Chief Keef’s legal guardian and Grandmother, Margaret Carter will administer in a trust fund.
In addition, the rapper received over $300,000 to record his project, Finally Rich, which sold 50,000 copies in its first week of sales.
The deal also states that if Keef doesn’t sell at least 250,000 records by December 2013, Interscope reserves the right to drop the subsequent album releases which include two albums and a compilation record.
Chief Keef’s “Glory Boyz Entertainment” also known as GBE, received another $440,000 advance that states that his manager, Rovan Manuel, will be paid at least 180,000.
It also states that 15% of Chief Keef’s advance money will be put in his aforementioned trust fund, although Interscope Records reserves the right to terminate the Glory Boyz deal if Interscope’s losses exceed $4.5 million.
According to the GBE deal, Chief Keef and Rovan Manuel each own 40 percent of the record label, which will be a subsidiary of Interscope.
Also, GBE’s Fredo Santana is to receive $40,000 in advance and received 10-percent interest in the GBE label, while Chief Keef’s uncle Alonzo Carter and Anthony H. Dade also holds 5-percent interest in the GBE’s imprint.
GBE also receives $200,000 for “overhead” expenses associated with offices, travel, entertainment, salary cost and additional money for marketing.
Currently, Chief Keef is in a juvenile detention center for 60 days after he violated his probation in a Pitchfork Media interview last year in New York at a gun range.
Chief Keef will see a judge again on March 14th at which point he may be released from custody.
More news as details emerge.