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Damon Dash Sells Stake In Rocawear For $22 Million In Cash

damedash

Damon Dash is severing

business ties with formers partners including Jay-Z and is selling his stake in

Rocawear back to partners for $22 million dollars.

Rocawear was established in 1999 and has grossed over $500 million

dollars since its inception.

The move all but seals any further business dealings between

the two former Rocawear/Roc-A-Fella co-CEO’s.

“Rocawear was my point of view, a Harlem swagger,"

Dash told AllHipHop.com of the sale. "They gave me $30 million and 75%

of Team Roc. I’m real happy with the deal. I got $22.5 million in cash and the

rest in companies (like State Property, Team Roc, Pro-Keds and other entities)."

Rumors of Dash making an exit from the Roc brand started to

circulate shortly after Dash and Jay-Z sold Roc-A-Fella Records in 2004, a venture

which they established in 1995

By the late 1990’s, Roc-A-Fella Records was raking in

over $50 million dollars annually, releasing hit records by Jay-Z, Beanie Sigel,

Memphis Bleek and others.

In 1997, Island Def Jam bought a 50% stake in the label for

$1.5 million. The success helped launch Rocawear and Roc-A-Fella Films in 1999,

Dash Films in 2001 and Armadale Vodka in 2002.

The label was sold back to Def Jam in 2004 amid rumors of a

rift between Dash and superstar rapper and co-CEO Jay-Z.

The remaining 50% stake in Roc-A-Fella Records was acquired

for $10 million dollars, giving Island Def Jam, a unit of Universal, 100 % ownership

of the label.

Roc-A-Fella executives had renegotiated their deal with Island

Def Jam several years prior to selling the remaining stake for $20 million dollars,

bringing the total selling price of Roc-A-Fella to over $30 million dollars.

Dash denied rumors of hostile feeling towards his former business

partner.

“When the original Roc-A-Fella broke up, it was time for

everybody to do their own thing,” Dash said. “We ain’t no bitch-ass

n***as taking sides. All that shit is petty and

s**t."

While the move marks the end of Dash’s relationship with

the Roc-A-Fella brand, Dash is involved in several other high profile ventures.

He holds investments in the Tiret watch company, his film production-company

Dash Films, America magazine, State Property clothing, a licensing deal with

Pro-Keds sneakers and his record label, Dame Dash Music Group, which is distributed

by Island Def Jam.

“Now that

I know the business world, I don’t need partners,” Dash said. “I

got my own connects with the bank."

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