Lil Wayne is being sued by the company that sold him the domain name for YoungMoney.com. According to TMZ, the company that owned the domain name was a business meant to help young entrepreneurs manage and make money. It existed before there was a Young Money imprint.
They sold the domain name to the rap label in 2011 for $600,000. The sale required Wayne's Young Money to make the payments on time or else forfeit the domain name, which would go back to the seller.
As TMZ notes, the label hasn't paid the $250,000 balance it owes and is "blatantly blowing off its obligation;" therefore, the seller is suing to get the name back.
Young Money has yet to comment on the lawsuit.
Earlier this year, Young Money released Rise of An Empire, a compilation project that features Lil Wayne, Nicki Minaj and Drake.
"This compilation is a very special release for the label," Cortez Bryant, Young Money's COO, said in a release when the album dropped. "'We Are Young Money' helped launch the careers of our first generation of acts with Drake, Nicki Minaj, and Tyga. Even though we've been honored with accolades as a company, our hunger hasn't diminished or dwindled. We're hungrier than ever, and we're still building. That goes hand-in-hand with the title 'Young Money: Rise Of An Empire.' We're not going anywhere. We don't plan on stopping -- ever. Our goal is the expansion of this Empire with the next generation of kings and queens ruling."
Young Money recently won the award for Best Group at the BET Awards, where they also performed. Minaj and Drizzy won individual awards at the ceremony as well.
We'll update you as more information on the lawsuit becomes available.
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