Friday 25 January 2013, 12:35 | By Andy Malt
Details of Chief Keef record deal revealed in court papers
‘Finally Rich’ is a fairly ridiculous album title when you learn that its creator, Chief Keef, is only seventeen years old. His age is also a fact that, it turns out, makes the album title technically not true. Keef won’t actually get access to any of the money he was advanced for the record until he turns eighteen later this year.
The financial workings of the rapper’s deal with Universal/Interscope have come to light after DNAinfo.com got hold of court papers, presented to a judge to secure approval for the deal – seemingly a requirement because, again, Keef is a minor. Although the album is already out, a final ruling on the contract is due at Cook County chancery court on 16 Apr, according to the website.
The three-year deal covers three albums and a greatest hits compilation, though, of course, Interscope has the right to break the contract if ‘Finally Rich’ fails to sell 250,000 copies by the end of this year. The rapper was paid an advance of $440,000 – half before and half after the judge approved the deal – all of which is held in a “blocked trust” until his eighteenth birthday in August. A further $300,000 was also paid out to cover the recording costs of the album.
There is also a separate contract relating the formation of Chief Keef’s Glory Boyz Entertainment record label, which reportedly sees Interscope pay out yet more to the rapper and his associates. There was another $440,000 advance, $200,000 for “expenses”, and $180,000 each for Keef and his manager Rovan Manuel – who each own 40% of the company. Interscope again has a get-out, with a clause allowing it to terminate the three year deal if GBE’s losses exceed $4.5 million.
So, in conclusion, Chief Keef does have a lot of money coming his way in just over six months time. And that’s a long time to wait, especially if you’re still a teenager. Still, Keef has found a way to pass two months of that time, having just earned himself 60 days in a juvenile detention centre for alleged parole violation by pointing a gun at police officers.