Monday, July 7, 2014
Lil Wayne Sued, Could Lose The Young Money Domain Name To Previous Owner For Non Payment.
Lil Wayne is dealing with another legal headache.
In 2011, the New Orleans rapper bought the YoungMoney.com domain name for $600,000 from Young Money Media, a company that provides "personal finance content and education to the young adult market."
According to TMZ, there is a clause in the selling agreement that allows Young Money Media to reclaim the domain name if Weezy didn't make payments on time. The company has filed a lawsuit to do just that because Wayne still owes them $250,000 and is refusing to hold up his end of the deal.
YoungMoney.com has become synonymous with Wayne's brand. It is used to promote his artists like Nicki Minaj, Drake and Lil Twist, plus sell YM-related merchandise. To lose it in a lawsuit would cause Wayne to forfeit the $350,000 he's already paid into acquiring it and have to start over with a new domain name fans are not familiar with. He may also have to pay damages and additional legal fees to Young Money Media.