Rapper Lil Wayne’s Young Money label is on the verge of losing its name as reports claim Wayne and the label is being sued by a company that supposedly sold youngmoney.com to the rapper, but has yet to receive all of their money.
According to reports, the company sold the website to Wayne for $600,000 back in 2011 and have yet to receive all of the money.
“ 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.” (TMZ)
The lawsuit claims Wayne’s company still owes $250,000 and is ignoring the debt on purpose
“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.” (TMZ)