According to THR, Prince says that the managers around Drake have tried to “loot” his finances and “put the entire Drake business in jeopardy.” Prince and his father James Prince Sr. were going to sit at the helm for business dealings with Wayne’s labels. Cortez Bryant, Wayne’s manager, had an oral agreement with Prince to “develop and exploit Drake’s entertainment services together and split profits therefrom accordingly” in around 2007 and ’08.
Bryant then signed Drake to his roster and inked an exclusive recording deal with his company Aspire, and then signed him to Young Money Entertainment and Cash Money Records. Prince realized that he was going to get cut out in July 2009, and worked out a “Settlement Agreement & General Release Agreement” to receive a share of Aspire’s profits, a majority share in Drake’s masters and a share of his gross compensation.
Prince is not claiming that they have failed to compensate him and “stymied” his payments by using the same business affairs lawyer that the record label employs.
Drake is also reportedly unhappy with the defendants and has already put them on notice for withholding money. He is allegedly thinking about negotiating his record contract for his third album, which Prince seeks to halt because it jeopardizes his financial standing with the rapper.
Prince is suing Bryant, Aspire and associated management firms for breaching the settlement agreement, oral agreement, the implied covenant of good faith and fair dealing and their fiduciary duties. He seeks an injunction to prevent the renegotiation of Drake’s agreement, as well as his owed money.